Online gaming and gambling are enjoyable entertainment activities for many people, but sadly for others, it can become a vice that can lead to significant financial harm. However, there are many tools that players can use for safe gambling, like time-outs, stop-losses and deposit restrictions.

With iGaming constantly growing and evolving, there is no doubt that the number of users is increasing too.

The climbing number of iGaming users is not the problem; the issue is how outside sources like banks can block access to this ever-improving online gaming industry.

 Safe Gaming Tools

According to the Money and Mental Health Institute, it is estimated that over two million people in Britain are classified as problem gamblers or are at risk of potential harm from problem gambling. Casino platforms, however, have great tools that assist in preventing problem gaming like time-outs, stop losses, deposit limits and many more. 

Different gaming platforms have other mandatory safe-gaming tools like time-outs, and users are required to activate those settings. If more iGaming platforms had integrated safe-gaming systems that do not require the user's authorisation, this could be an internal way of bringing down the number of problem gamers.

 External ‘Support’ from Banks

Certain banks have decided to play a role in supporting their customers who struggle to control their online gambling. Banks and iGaming platforms are in a unique position to be aware of their customer's online gaming activity; but this does not mean that an external source like a bank must facilitate in 'assisting' their customers 'control' spending.

Monzo, an online bank in Britain, released a statement that around 50,000 customers have activated a gambling block on their accounts. Monzo's Head of Vulnerability, Access and Inclusion, Natalie Ledward, stated: 

"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."

Other banks have also followed in Monzo's footsteps and implemented the blocking 'tool'. For example, Lloyds Bank introduced a personalised gambling spend limit for its customers as an additional safe-gambling tool on their mobile apps.

 Are Banks Doing More Damage than Good?

External support, like those supplied by banks to block gambling entirely, is not a tool to assist in safe gambling but rather a tool to eliminate gambling. While banks think they are supporting their customers, they have no control over customers spending hours at a land-based casino and spending time and money with no safe-gambling tools to assist them in overspending and overindulging.

Banks are only ‘blocking’ their customers from spending money online, they can never stop them from spending money outside the scope of their mobile banking app. So, are they really assisting and providing safe-gaming tools? 

While these tools created by banks are useful, if they extended to beyond a banking app, it could be a huge plus for those who struggle with gambling. Limiting how much is spent at land-based casinos and blocking online spend at betting sites are a start that could make all the difference.