The Gambling Commission’s Money and Mental Health Policy Institute’s virtual conference took place last week and will run for a period of two-years, in an attempt to bring the finance industry on-board to tackle gambling harm. Previously, innovations by the financial sector were explored and these included the introduction of gambling blocking services while exploring what else could be done to make gambling safer.

Neil McArthur, Gambling Commission chief executive, said: “We want to work in partnership with the financial sector to find innovative ways to reduce gambling-related harm. We all have a part to play to protect vulnerable consumers. The Gambling Commission has already banned gambling with credit cards, as evidence showed that it would reduce the risk of gambling harm to consumers. That was an important step, but there is always more that can be done.”

Gambling blocking software seems to be popular with consumers as it allows one’s bank account to block all forms of gambling transactions. From online bingo to online casino, lottery to placing bets on sports, if it’s deemed as gambling related activity, it can be blocked instantly. To benefit from this feature, log in to your mobile banking app and make your way to the ‘card management’ section where you have the option to ‘freeze’ gambling transactions. This feature may not be available to all customers, but we do know it’s available to those who bank with Lloyds.

Unexpected Statistics:

Gambling and Covid was a combination that many labelled as ‘explosive.’ More people out of work and at home could result in more people taking to gambling as an escape, however, a recent study carried out by the Gambling Commission, revealed the statistics to be the complete opposite of what many were expecting! Gambling behaviours in the UK for the period between March and August were as follows:

  • Number of bets placed were down 2%
  • Real event betting was down 12%
  • Gross gambling yield (GGY) also decreased by 12%
  • The number of online slots sessions lasting longer than an hour fell by 7%
  • Total bets and spins from high street betting both decreased by 2%

Despite the promising results of the survey, McArthur wanted to remind the gambling sector of how important it is to stay on to while also calling on the financial sector to do their bit: “The financial sector has an important role to play. We have already seen the introduction by banks of gambling blocking software, together with the use of data to support customers affected by problem gambling. Today’s event was an important opportunity for colleagues to look at how we can make gambling safer and I welcomed the opportunity to share our plans and priorities with professionals from across the finance sector.”

Katie Alpin, Interim Chief Executive of the Money and Mental Health Policy Institute, added: “In recent years we’ve seen the financial services industry play an increasingly important role in supporting people affected by gambling problems – from the introduction of gambling blocks, to new advances in using customer data to identify and help those who are struggling.

We hope that today’s conference will help galvanise firms from across the sector to build on this progress, and to go even further in improving support for customers experiencing gambling problems. That could make a big difference to the two million adults across Britain whose gambling habits may be having a damaging impact on their financial and mental wellbeing.”

Source: “Gambling Commission Calls for More Action from the Financial Sector to Help Tackle Gambling Harm” Gambling Commission. October 13, 2020.

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