FanDuel Group and Operation Hope have teamed up to promote financial literacy and offer Massachusetts residents free financial counseling. Teaming up with the non-profit organization is part of FanDuel’s efforts to demonstrate its commitment to responsible gaming (RG).
Through the partnership, Massachusetts residents can access Financial Wellbeing Coaches from the financial literacy organization’s Hope Inside program. The coaches will offer participants virtual and in-person financial health sessions at no cost.
The sessions will teach Bay State residents how to manage their entertainment spending—including their gambling budget—as well as some more general lessons like:
- Strategies to build savings
- How to improve one’s credit (FICO) score
- Getting out of debt
In addition to providing coaches, the partners will release content about financial literacy and promote the Hope Inside program’s availability and financial counseling.
The program will be promoted through mass media, including radio, social media, and other digital platforms. FanDuel has a page on its website dedicated to the partnership, through which interested Massachusetts residents can reach out to the Wellbeing Coaches.
Financial Counseling Is Another Step of FanDuel’s RG Efforts
Responsible gaming has become a big focus for the gambling industry, including FanDuel Group, which includes FanDuel Casino and Sportsbook. Christian Genetski, President of FanDuel, said that Operation Hope’s work has shown that when people have financial literacy, they can manage their spending better.
He reiterated that the partnership is an important step in FanDuel’s RG efforts:
FanDuel is committed to giving back to the communities in which we operate, and we believe that supporting proven financial literacy programs is a natural extension of our work to promote and empower responsible gaming. Partnering with Operation HOPE, a leader in the space, to help fund critical financial literacy education and providing access to financial counseling in communities across Massachusetts is the latest evolution in FanDuel’s efforts.
In 2022, FanDuel’s parent company, Flutter Entertainment, introduced the Positive Impact Plan. The plan’s goal is to promote “sustainable customer relationships.”
One target is for 50% of Flutter’s global customers to be using one or more of the company’s Play Well RG tools by 2026, rising to 75% by 2030.
The company is well on track to achieve that. Flutter’s 2023 mid-year financial report shows that 42% of global customers have adopted a tool part of the Positive Impact Plan. The report also revealed that the company spent £45 million ($54.7m) on “safer gambling initiatives.”
FanDuel also has created the “PlayWell Day.” During the event, company employees worldwide attend virtual and in-person seminars on the importance of RG.
Could The Industry Do More?
FanDuel is not alone in supporting responsible gaming. In December 2023, MGM Resorts International donated $360,000 to the International Center for Responsible Gaming (ICRG) to fund RG research. Over the past year and a half, the ICRG has also received over $1 million from Bally’s Corporation.
However, many point out that more funding is needed for RG research and programs. The National Council on Problem Gambling (NCPG) recommends that operators set aside 1% of their revenue for RG and problem gambling programs. Meanwhile, the National Association of Administrators for Disordered Gambling Services (NAADGS) says the number should be 2%.
To put that in perspective, Flutter’s global revenue for the first half of 2023 was $9.3 billion. Its spending of $54.7 million during that period equals 0.6% of that.
That said, operators are far from alone in failing to spend as much as advocacy groups recommend. According to the NAADGS, U.S. spending on services to treat gambling addiction in 2022 was a mere 38 cents per capita. That number is significantly lower than other services like drug and alcohol programs. States would need to spend several dollars, not tens of cents, to meet the recommendations of the NAADGS.
The post FanDuel and Operation Hope Offer Free Financial Literacy Counseling for MA Residents appeared first on Bonus.com.