In a letter to Sports Minister Nigel Huddleston, Monzo chief executive TS Anil and representatives from academia and gambling charities have called for changes in the Gambling Act to address the rise in online gambling and new payment methods. The group proposes that gambling firms should be required to disclose their bank account details on a central registry. This would enable banks and other providers to extend their gambling block to bank transfers as well as card payments made to gambling companies. The group also suggests that the government should collaborate with video game companies to explore ways to identify and block payments made for loot boxes, which have raised concerns due to their similarities to gambling.
The letter emphasizes the need for a world-leading self-exclusion framework in the UK to reduce gambling harms and help consumers gain control of their finances. It cites research from the University of Bristol, which recommends a ‘self-exclusion triangle’ consisting of three key tools, including card-based gambling blocks. While some major banks already offer gambling block services, the letter points out that not all account or card types are covered. A GambleAware report from last year revealed that around 40% of current account customers in the UK still do not have access to a gambling block.
Monzo, with 275,000 users currently utilizing gambling blocks, highlights the effectiveness of these tools and advocates for their accessibility to all consumers, irrespective of their banking institution. The letter is co-authored by Prof Sharon Collard, CEO Research Director of the University of Bristol’s Personal Finance Research Centre, and executives from NHS Northern Gambling Service, National Problem Gambling Clinic, Gamban, and Gamfam.
The letter comes amid the ongoing review of the Gambling Act initiated by UK Culture Secretary Oliver Dowden. The review will examine changes in gambling over the past 15 years and address various aspects, including online restrictions, marketing, the powers of the Gambling Commission, and protections for online gamblers such as stake and spend limits, advertising, and promotional offers. The aim is to ensure the effective regulation of gambling, protect vulnerable individuals, and promote safe gambling practices.
