NHS Chief Amanda Pritchard Calls for Cryptocurrency Regulation to Tackle Gambling Addiction

NHS Chief Amanda Pritchard has called for urgent regulation of cryptocurrency to address the increasing incidence of gambling addiction, which is putting additional strain on NHS gambling clinics. Pritchard highlighted the pressing need for regulatory measures to protect young people from falling prey to new forms of betting, stressing that the NHS cannot continue to shoulder the burden of these societal issues alone.

Pritchard pointed out the surge in individuals seeking treatment after attempting to amass wealth through cryptocurrency trading, such as Bitcoin, or by gambling on the volatile market. She noted that the 15 specialist gambling clinics established across the country are facing a "real and growing social need" for treatment, referring to gambling addiction as "a cruel disease which has the power to destroy people’s lives."

Addressing the Confed Expo

Speaking at the Confed Expo conference of NHS managers, Pritchard cautioned that the health service could not serve as an "expensive safety net" for societal problems. She questioned the wisdom of allowing increasingly sophisticated methods that ensnare people in gambling habits.

Rising Demand for Treatment

The call for regulation comes amid reports from NHS staff about younger individuals developing gambling addictions through unregulated cryptocurrency markets. Pritchard stressed that the already overstretched NHS, still recovering from the impacts of COVID-19, cannot continue to be a catch-all solution for these issues. "That kind of service is what the NHS was born as, but it shouldn’t be our ambition now," she stated.

Last year, the Treasury Select Committee recommended that trading in Bitcoin and other speculative cryptocurrencies be regulated as gambling to shield consumers from the risks of the $1.2 trillion market. The committee cited a 2022 survey revealing that about one in ten adults in the UK had held crypto assets, often viewing them as a "fun investment." Additionally, anecdotal evidence suggested that even schoolchildren were speculating on these markets.

Cryptocurrency and Gambling Addiction

Pritchard described the addictive nature of investing in cryptocurrencies, where people gamble their money on assets with no fixed value. She voiced concern that this growing issue could further increase demand for NHS services. "The addictive habit sees people investing their own money in something with no fixed value, with the NHS left to pick up the pieces," she said.

Broader Health Challenges

Pritchard also noted a "rising tide" of patients suffering from obesity-related illnesses, including a significant increase in pre-diabetic individuals. The national diabetes audit revealed that more than half a million additional people have been identified as pre-diabetic in the past year, marking a nearly 20% increase.

The confluence of rising gambling addiction linked to cryptocurrency and other health challenges underscores the mounting pressures on the NHS. Pritchard's call for regulatory action emphasizes the need for societal changes to address these growing issues and alleviate the strain on healthcare services.