Sharp increase
More and more people in the UK are now using tools that block them from engaging in gambling in the midst of the cost-of-living crisis. Online bank Monzo has disclosed that about 50,000 of its customers have activated a gambling block on their accounts for the very first time in the last six months.
blocking 20% more gambling-related transactions in the most recent six-month period
This figure represents an increase of about 33% from the number of individuals who had enacted the block in the previous six-month period. The bank also ended up blocking 20% more gambling-related transactions in the most recent half-year period.
A powerful tool
Since it first launched the gambling block tool in June 2018, half a million of Monzo’s almost seven million accountholders have used it.
Monzo’s gambling block can only be deactivated if the accountholder gets in touch with the support team and then waits out a 48-hour deactivation period. The idea behind the delayed deactivation is to try to stop people from gambling in a compulsive manner.
Many leading banks in the UK offer gambling blocks to customers including Chase, NatWest, and Lloyds Bank. Some institutions are also looking at ways to further protect customers from irresponsible gambling. Just last month, Lloyds Bank rolled out a new gambling spending limit that can be personalized to each customer. The institution believes that it is the first time a high-street bank in the UK has introduced such a tool.
Trying to cut back
A lot of people in the UK and further afield are struggling with the rising cost of living. With inflation on the rise, everything from fuel to groceries and household bills is burning a bigger hole in the pockets of the everyday person. It appears that a lot of people are trying to cut back on discretionary spending as a result of rising costs.
A number of measures are used in the UK to try to ensure that people gamble responsibly, including a ban on the use of credit cards for gambling purposes.
Cutting back is easier said than done, as large numbers of people still gamble. Gambling-related charities across the UK have seen heightened levels of problem gambling behavior since the beginning of the cost-of-living crisis.
GambleAware even expressed concerns that certain types of people, especially females, were expected to engage in more gambling over the next few months as a way to potentially increase their household income. The Christmas period could be a catalyst for this type of gambling behavior; the ongoing FIFA World Cup is also a big driver of gambling activity.
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