Can Banks Help Gamblers Gain Control?
There’s an app for that.
It’s no secret that the internet has opened up almost limitless opportunities to gamble. That instant access can lead to major problems for vulnerable people. While many might see it as an inevitable cost of the convenience of smart phones, some banks are taking promising steps toward protecting problem gamblers.
Banking giant Barclays and two mobile-only United Kingdom banks, Monzo and Starling currently give customers the option of blocking themselves from online gambling. The concept is simple. Payments from the users account are blocked from gaming sites – including online casinos, bingo, sports betting and lotteries. The ban works on a category level. So, customers don’t need to block individual retailers or operators.
In an interview, one of Monzo’s customer specialists said that prevention is the key to helping financial addiction problems, rather than supporting recovery. The mobile-only bank has already reported a 70% decrease in gambling spending since the program took effect.
As Ohio and the rest of the country continue dealing with the expansion of digital gambling opportunities, solutions like the one being implemented in the United Kingdom could go a long way toward preventing problem gambling
For the full story, click on the link below.