Monzo, a UK-based challenger bank, has disclosed that a growing number of its customers are taking advantage of the bank’s gambling block feature to self-exclude from gambling activities.
The bank’s internal data reveals that since making the feature more accessible in 2023, there has been an 8% increase in users activating gambling blocks. In 2024, the gambling block feature prevented transactions totaling £9 million. The average monthly gambling payment volume was around £800,000, showing a 20% rise from the 2023 figure of £657,000.
Monzo’s gambling block allows users to set non-permanent restrictions, offering various cooldown periods. Notably, 75% of users have chosen a minimum of a 48-hour limitation, while 41% have opted for a 12-month cooldown period.
Kate Graham, Monzo’s Vulnerability Manager, expressed: “By closely engaging with our customers, we develop and refine features like the Gambling Block that assist them in managing their financial habits. It’s inspiring to hear about the positive influence our new tools have on customers, particularly as they control gambling urges by reading self-authored notes in the Monzo app and selecting extended cooldown durations.”
These developments align with a pivotal phase for the UK gambling industry, as the government seeks to modernize the 2005 Gambling Act by integrating recommendations from the [Gambling Act White Paper Review](https://sbcnews.co.uk/featurednews/2024/09/13/ukgc-gamprotect-white-paper/) into digital frameworks.