Monzo, a challenger bank in the UK, has reported a growing number of its users are employing its gambling block feature for self-exclusion.
The bank’s internal data shows an 8% increase in the activation of gambling blocks since they were made more accessible in 2023.
In the year 2024, Monzo blocked a total of £9 million in gambling transactions. The monthly average for such payments reached approximately £800,000, marking a 20% rise from the £657,000 average recorded in 2023.
The gambling block offered by Monzo is customizable rather than permanent. Customers can select from various cooldown periods, with 75% choosing at least 48 hours and 41% opting for a 12-month period.
Kate Graham, Monzo’s Vulnerability Manager, stated: “Engaging with our customers enables us to develop and enhance features like the Gambling Block, which assist them in rethinking their financial habits. Feedback on the positive impact of these tools is wonderful, especially as many clients are successfully resisting the urge to gamble by reviewing personal notes and opting for extended cooldown durations.”
These developments occur amidst significant shifts in the UK gambling industry, as the government intends to incorporate recommendations from the Gambling Act White Paper Review to update the 2005 Gambling Act for the digital era.