Banks Gambling Blocker Software Usage Surges as Cost-of-Living Crisis Hits Many

Many high street banks and financial services are seeing an increase in usage of their gambling block software to stop spending on gambling sites amidst the cost-of-living crisis.

A surge in Gambling Blocking software Usage

With Christmas fast approaching and the financial hardships people are forced to deal with due to rising fuel prices, energy price hikes, and food prices rising, Monzo is one such financial establishment to see a surge in the usage of its blocking software.The PA News Agency reported more than 50,000 customers have used the gambling blocking system over the past couple of months, and 20% more accounts had been blocked compared with the year previous.Head of Monzo’s Vulnerability, Access, and Inclusion Natalie Ledward told PA News, due to the cost-of-living crisis the usage of their gambling block software had increased.“Amid the cost-of-living crisis, we know that tools like our gambling block are more important than ever in providing customers with much-needed support. It’s a great example of the kind of tools banks can put in place to help vulnerable customers.”

Personalised Gambling Spend Limit with Lloyds Bank

Banks such as Lloyds, Natwest, and JPMorgan all offer similar blocking software through their banking apps. Only a few weeks previous Lloyds Bank began offering customers a personalised gambling spending limit, it is thought other high street banks will offer similar tools for customers to cap spending limits on gambling. Many Lloyds bank customers would prefer more financial providers to take more responsibility to prevent gambling-related harm.Philip Robinson from Lloyds Bank commented, “For several years, we’ve helped our customers ‘turn off’ gambling spending. Our newest feature lets customers set a personalized gambling spend limit, helping them manage their money and establish boundaries around certain spending behaviours.”While certain gambling charities are showing concern at the rate of gambling, the United Kingdom Gambling Commission revealed there is no explosion in gambling in the last year, although the retail outlets are still reeling from the lockdowns due to the pandemic. Moreover, the latest figures show gambling remains lower than the pre-pandemic figures.

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