Don't bet your mortgage on it
Britons are funding their gambling habits with borrowing, meaning even winners could end up with hefty losses.
That is according to new figures from MoneyExpert.com, showing more than an eighth (13 per cent) of the monthly gambling in the UK is paid for with borrowed cash.
Perhaps worse, another eight per cent of the money gambled comes from people's hard-earned savings.
"Borrowing money to fund a habit like gambling is potentially disastrous - it'll inevitably lead you down a dangerous spiral of more and more debt," said Sean Gardner, chief executive of MoneyExpert.
"Borrowing when there is by definition a real risk you'll lose the money is a dangerous game to play - whether you win or lose your creditors will want their money back."
And even if you win there could be problems stored up down the road.
"Anyone who is betting using a credit card for example should be extremely wary - if you start to miss repayments it'll affect your credit rating. It's very easy to lose track of the money you owe on your credit card, particularly with online gambling," said Mr Gardner.
MoneyExpert figures show one adult Briton in three gambles at least once a month, staking on average £21.37 a time.
For those that use borrowed money to fund their bets, credit cards are most popular, followed by overdrafts, personal loans and borrowing from friends and family.
Just 68 per cent of gamblers use cash to fund their betting.
"If you have wracked up debts through gambling the important thing is not to bury your head in the sand. If you can't meet repayments it's always better to tell someone or to seek professional help," Mr Gardner warned.
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