How Your Bank Can Support Gambling Harms

A new report from Queen Mary University London highlights how banks can potentially prevent financial harm caused by problem gambling. The report shows that financial institutions may be able to identify and prevent gambling issues.

As recently mentioned in our news articles, a record number of individuals in the UK used gambling support lines last year. So, if banks can help prevent or reduce gambling harms, then how can they do this?

What are gambling harms?

Although many people can gamble without any issues or addictions, there are some negative consequences that occur from gambling, also known as gambling harms.

Gambling harms may be in the form of financial concerns, such as spending money that someone doesn't have or heading towards bankruptcy, and there may also be emotional or health concerns. Out of control gambling could also lead to relationship harms where social isolation occurs or existing relationships are neglected.

How can financial institutions benefit gambling?

According to the Queen Mary University research, in the year leading to March 2023, 44% of the UK population took part in some gambling.

The report suggests, ‘The fintech and payments industry plays a key role in protecting customers from gambling harm and recent advances in artificial intelligence and data science should be harnessed to better protect online gamblers.’

They said that banks could be helpful as they have the tools in place to encourage early measures for gambling harms prevention. Such tools include ways to analyse and monitor spending and transaction patterns to identify concerns. They can also communicate these patterns with customers as an early intervention.

Whether this would affect spend by gamblers is unknown, but if they are aware that their spend is monitored, it may encourage control or prevention.

Financial institutions can also be proactive in giving these customers guidance on where to seek gambling support, including GamStop and Gamcare.

What happens next?

One issue with the suggestion that financial institutions analyse and measure customer gambling spending and use other tools to prevent gambling is how to ensure banks are consistent in their approach to customers. It could be incredibly time-consuming to analyse accounts and customer spending.

Therefore, regulatory guidelines and industrywide standards are required. Guidance needs to be clear, and financial institutions will need minimum standards to follow.

The National Gambling Support Network provides free access to confidential support and treatment for gambling-related harms in England, Scotland and Wales. Contact the 24-7 National Gambling Helpline, 0808 8020 133 and read our guides for more information.