-
Casinos for you
Gamban to Start Facilitating Exclusion From Crypto & FX Trading On August 1st
By Jeff Osienya Jul 28, 2021 IndustryThe leading self-exclusion tool for gamblers, Gamban, plans to allow its users to keep off from CFDs, cryptocurrency exchanges, binary options, and forex trading from the beginning of next month.Gamban, a world-renown cost-effective self-exclusion tool for at-risk gamblers, has announced that it will update its system to help users exclude themselves from accessing and engaging with cryptos, currency, and FX platforms. From August 1st, 2021, Gamban will add to cryptocurrency exchanges, contracts for difference (CFDs), binary options, and foreign exchange trading to its block list.
The powerful self-exclusion platform has disclosed that the updated system is focused on protecting more people struggling with problem gambling and other activities that present a gambling-like compulsion. Mind you, in November last year, Gamban had already announced that it was beginning to block some stock trading and cryptocurrency platforms, indicating that they were operating in a “gambling grey area.”
When Gamban disclosed its November 2020 plan for blocking access to some stock trading and cryptocurrency platforms, James Forman, the company’s Business Intelligence Officer, said:
Quote“Gamban not only blocks all types of online gambling, including black market products and crypto but also trading websites. One of the main differences between Gamban and self-exclusion schemes is that we are not required to integrate with websites in order to block access to them. This means we can move quickly and block emerging threats such as esports and skins gambling that have risen to prominence during the novel coronavirus.”
Research-Backed Decision to Expand Its Self-Exclusion Block List
Gamban’s decision comes after the platform conducted a research study last month asking interviewees whether some forms of trading could be considered as gambling. In the said June 2021 survey, the company found that 56% of respondents viewed investments in cryptocurrency as a medium of gambling. Further, 48% of the interviewees considered stock trading as a form of gambling.
Based on the findings, the self-exclusion company pointed out that it recognized how quickly the popularity of the trading platforms has been growing. However, Gamban pointed out that they had what it described as:
Quote“significant overlap between traditional gambling and emerging investment platforms, where there is significant capacity for harm due to exposure to risk from speculative trading and volatility”
In a statement on its official website, the company further disclosed how difficult it has become to distinguish the arising products from gambling. The statement reads in part:
Quote“The difficulty has arisen from these platforms offering different products, some more comparable to gambling than others but without a clear distinction between them. We must therefore be led by the most harmful product a platform offers and block based on this criteria.”
All in all, Gamban has maintained that while its planned August update may seem a bit heavy-handed to some users, the company is doing it for the best interest of its users. The official statement on Gamban’s website went on to say:
Quote“We recognise to some of our users, this approach will appear quite blunt. However, we feel that where inappropriately regulated products emerge, which exist at the intersection between gambling and investing, but are more akin to speculating, Gamban must block these if it is to remain the safety net our users rely on.”
The World’s Most Effective Tool for Gambling Self-Exclusion
Founded back in 2015 by Jack Symons, a former gambling addict himself, the Gamban touts itself as the most comprehensive self-exclusion tool for gamblers across all platforms. It is available for Windows, Mac OS X, Android, and iOS.
Indeed, the reputation of this self-exclusion platform precedes itself. In 2018, GambleAware, UK’s leading autonomous grant-making charity for problem gambling prevention and treatment, commissioned an independent research study to evaluate self-exclusion tools. Compared to all other software products that assist users in blocking themselves off gambling platforms, Gamban was found to be the most effective. Currently, the Gamban is available free of charge regionwide in the UK via the GamCare support network.
In the USA, Gamban’s popularity as a proffered self-exclusion tool is also growing pretty fast as the rapid expansion of the legal gaming market continues. In addition, in March 2021, the company announced its commitment to the ‘Have a Game Plan’ campaign of the American Gaming Association to ramp up the fight against problem gambling.
Still in March, Gamban penned a deal with FanDuel so that players of the most prominent sportsbook platform can have free access to the self-exclusion tool. Come April, Gamban joined forces with Pinnacle, another leading US sportsbook operator, to allow sports bettors access to the Gamban self-exclusion platform. FanDuel and Pinnacle collaborated with Gamban as part of their commitment to support players’ welfare on their sports betting platforms.
Last month, the self-exclusion company also inked a partnership deal with The Problem Gambling Help Network of West Virginia in its mission to assist more at-risk gamblers. The WV network works hand in hand with 70 referral therapists in the Mountain State, offering assistance to over 15,000 vulnerable individuals. Through this partnership, the Gamban application is also accessible for free to anyone who seeks to self-exclude.
You might also like