All UK banks to block gambling transactions, suggests Monzo

The online bank Monzo, has suggested that all UK banks should offer mandatory blocks on payments to gambling websites in order to tighten restrictions for UK players. Monzo suggested that every banking customer in the UK should be offered this tool, regardless of which bank they’re a member of.

Blocking gambling transactions

Monzo was the first bank in the UK to develop and introduce the tool, which blocks transactions to gambling websites or gives a cooling off period before payments go through. The tool was created to give players more control and allow them to block gambling transactions in order to stop them placing bets or depositing in online casinos or help reduce their risk of developing gambling addiction.

Since offering this service, several of the UK largest banks have also adopted the same measures. In recent news, HSBC has now extended the standard ‘cooling off’ period for gambling transactions to 72 hours to further try and protect players.

Despite this, it is thought that there are still around 28million UK bank account holders that can not block payments to gambling sites.

Open letter

Monzo published an open letter calling for action to take place, which was supported by various academics, NHS clinicians and organisations that help reduce gambling related harm.

In order to ensure that both bank transfers and bank card payments are successfully blocked, Monzo said that gambling sites should put their account details onto a register that could be accessed by all banks in order to block payments.

The CEO of Monzo, TS Anil, said that they had already begun their own systems to do this, but the UK Government should also become involved in order to have a greater impact for customers. This is especially pertinent given the Government are currently reviewing the UK Gambling Act to bring in further measures to ensure players are given the best protection possible from gambling related harm.