Monzo Bank introduces UK gambling blocking

Home » Monzo Bank introduces UK gambling blocking

Monzo Bank, one of the first application-based banks in the UK, along with a number of organizations and charities, has called on the UK government to give all users the option to disable their gambling transactions and forcing gambling providers to disclose their bank details. Thus, the bank is going to remove obstacles for people who want to stop betting.

The application came amid a massive revision of the Gambling Law. At that time, according to the data provided by Monzo and his partners, every fifth citizen of the state regularly gambled.

Self-exclusion tools will become available to everyone

TS Anil, the head of a large British online bank, Monzo, wrote a letter to the British Minister of Sports Nigel Huddleston. In an address to a representative of the authorities, he urged to take advantage of the opportunities presented by the revision of the Gambling Law and think about the measures that financial services can take to reduce harm.

Citing a GambleAware report from last year, Monzo stated that around 40% of existing UK gaming portal accounts still lack the ability to use game blocks.

Key changes

The bank’s CEO’s proposal includes three major changes to protect against gambling-related harm in the future:

Require financial service providers that every player can access the card gambling block;

To oblige gambling companies to disclose the details of their bank accounts;

Find a way to differentiate payouts for virtual cases from regular in-game purchases.

Advantages of blocks

What is card-based gambling blocking for? This is primarily intended to prevent players from making debit card payments to all UK gambling content operators once they decide to use it.

Blocks are optional features that are customer controlled, easy to build, proven to work and help protect hundreds of thousands of people.

According to statistics, more than 275,000 clients of a large bank Monzo use the new opportunity, and more than half of them spend less or do not spend their funds on gambling since its inclusion.

Also game blocks are completely controlled by clients, they are easy to create and they work for the benefit!

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