Monzo’s gambling block function is being used extensively, the challenger bank revealed, amid a time of regulatory change for the UK betting and gaming sector.
The bank reports an 8% year-on-year increase in gambling blocks since new features were added in 2023, with the function having been first added to its service in 2018.
A total of £9,000,000 in transactions were blocked in 2024, a year which has seen considerable growth for the bank among both consumers and businesses. The average total monthly volume of gambling payments rose 20% from £657,000 in 2023 to £800,000 this year.
The gambling block is not necessarily a permanent feature as consumers are able to choose cooldown options and set time limits. Monzo found that 75% of its customers chose cooldowns over 48 hours with 41% opting for a 12 month cooldown period and the average cooldown period rising from three months to 10.
Kate Graham, Vulnerability Manager at Monzo, said: “By staying close to our customers, we build and evolve products and features like the Gambling Block that help them to transform their relationship with money.
“Hearing from them about the impact our latest additions to the tool have made is fantastic, even more so because so many customers are controlling the urge to gamble by reading notes they’ve written to themselves in the Monzo app and choosing longer cooldown periods than ever.”
The gambling block has been one of Monzo’s standout features, having been offered as a function on its platform since 2018 as noted above. The spotlight has been shone on the role these features play in gambling harm minimisation in recent years, particularly by gambling harm charities.
UK gambling has been undergoing a regulatory review over the past few years as the government looks to adapt the 2005 Gambling Act for today’s digitised landscape. Though the review focused largely on the gaming industry’s responsibilities, some charities like GamCare have reminded the banking sector of the role it can play.
The charity, which operates the UK’s national gambling helpline, has previously cautioned banks to be wary of business accounts being used for gambling payments. It has notably highlighted Monzo’s gambling block as well as a suite of solutions introduced by Santender as good examples of gambling harm prevention in banking.
Raminta Diliso, Financial Harm Manager, GamCare: “Financial harm is a significant issue for many of the people we support, and tools like Monzo’s gambling block are an important part of tackling this challenge.
“It’s great to see banks offering these features, and we support the range of options Monzo provides to their customers. Longer cooling-off periods, such as the 12-month option, can play a crucial role in supporting recovery and helping individuals regain control over their finances.
“We encourage anyone struggling to seek help via the National Gambling Helpline, free and available 24/7, at 0808 8020 133.”
