Leading digital bank Monzo reveals that 5% of its customers have now activated a cutting-edge gambling block feature that it has been offering since 2018.
Monzo, an online bank based in the UK, has revealed data that shows approximately 5% of its 900,000 customers have taken advantage of an innovative feature which blocks transactions to gambling sites.
The bank introduced this feature in 2018. It stated that the number of customers activating it more than doubled in 2019 with monthly highs exceeding 17,000 customers.
This is attributed to the feature gaining heightened media coverage.
Launched in collaboration with GambleAware
Monzo collaborated with the UK’s GambleAware organisation when initially launching this unique feature. The bank claims that it is able to identify what are gambling transactions due to their specific payment codes. The blocking feature allows customers to stop transactions to online casinos and other gambling sites, as well as limiting cash withdrawals.
It is possible to deactivate the feature at any time. However, there is a 48-hour cooling period for this, during which time Monzo’s customer service will contact the client to discuss the reasons for this decision.
Any bank can block gambling transactions via their payment codes, and GambleAware has urged the government and financial institutions to take action so that all online gamblers can block gambling payments if desired.
A recent study estimates that 28 million personal bank accounts in the UK still don’t allow for this feature.
Monzo bank video presentation
An alternative measure for gamblers is to utilise the responsible gambling tools offered by the casinos. All licenced and regulated casinos must provide these to their customers.
Among the services players can access directly from the casino are:
- setting daily, weekly, or monthly deposit limits;
- setting loss limits;
- and, self-exclusion, among others.
Certain casinos have gone even further in recent years. The king of mobile casinos, LeoVegas casino, introduced LeoPlaySafe, which is a set of extra tools, including self-assessments to check on your gambling habits.
Another operator, Mr Green, developed Green Gaming. This advanced software monitors players gambling on its platform and informs them if their activity changes from ‘healthy’ to ‘unhealthy’.
CasinoAward is a strong advocate of responsible gambling. If you’d like more information on this topic, please reach out to us using our contact page.Last update: 16-08-2020
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