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The UK Gambling Commission have been working hard to protect UK gamblers from gambling related harm while playing at online casinos and betting outlets. Operators of online casinos have come under fire over the last few years with stricter rules and regulations imposed by the regulator to protect their players from gambling related harm and to emphasise responsible gambling.
Freeze Accounts
UK banks are now taking steps in the prevention of gambling related harm by introducing tools allowing customers to freeze their accounts, blocking transactions to gambling companies.Halifax, a leading UK financial institution is the latest to introduce such features with ‘Gambling Card Freeze’, available via their mobile banking app. Customers are able to manage their money more responsibly by freezing their account from any transactions to gambling companies, once frozen, there will be a ‘defrost’ option after a period of time.
‘Defrost’ Option
Halifax have said, if a customers changes their mind and wants’ to defrost their account, the waiting time will be 48hrs, before the card can be used for that purpose.The time frame of 48hrs allows customers to ‘think’ about their decisions to spend money at gambling companies, with no pressure.Halifax have collaborated with Warwick University to carry out a study on gambling related harm and the impact it may have on vulnerable people.Managing director of consumer finance for Halifax, Elyn Corfield said,“ By introducing a defrost period, we’re helping to protect those who might otherwise make an impulsive return to gambling” She went on to say that customers who gamble large amounts of their income are more likely to face financial pressure.With the UK having the largest regulated iGaming market in the world, it’s important financial establishments take steps in supporting responsible gambling and gambling related harm.Halifax have introduced the Gambling Card Freeze’ along with other major UK high street banks, giving customers additional protection if they choose.