Flutter Entertainment, the group behind brands such as Paddy Power and Betfair, plans to limit the amount that younger customers can lose, as reported by the Irish Independent.

A €500 ($594) per month net deposit limit will be introduced for all customers under the age of 25, with the company planning to launch the limit by the end of 2021 or in early 2022.

In doing so, the Irish betting giant would become the first bookmaker to limit the amount young gamblers can lose, and it comes in a bid to reduce problem gambling. Flutter added that the small number of customers who can afford to lose more than €500 per month will be subject to a detailed process to assess their finances before the limit is increased.

Conor Grant, Chief Executive of Flutter in the UK and Ireland, said: “People under the age of 25 are likely to be experiencing a number of significant life changes such as gaining independence for the first time and learning how to manage their finances.

“We want anyone who decides to gamble when they come of age to get in the habit of setting sensible spending limits.”

Flutter earlier this year introduced a range of measures aimed at enhancing safer gambling, such as banning the use of credit cards on online and retail accounts, and committing 1% of net gaming revenue to support the research, education and treatment of problem gambling.