The ban on credit cards for the purposes of gambling in the United Kingdom has been hailed as a milestone by many. Now, Lloyds Banks is experimenting with a new feature that will allow customers of the bank set monthly limits on how much they can spend on gambling using their debit cards. This is a pilot test that will further seek to explore whether banks can play a bigger role in helping consumers control their spending habits.
Lloyds Bank Pioneers Debit Card Spend Limit for Gambling
All limits are intended to be personalized and voluntary, and they will apply at the customer’s behest. The program, if successful, could be pitched to other high-street banks in the United Kingdom. The limits are easy to manage and set through the Lloyds Bank dedicated mobile app. The limits will apply whether a person is sending on the phone, online, or at a retail bookmaker.
According to Lloyds Bank director, personal, current accounts Philip Robinson the bank has had some real success in helping customers reduce their overall gambling spend. However, there is still room for improvement, Robinson believes:
Our newest feature lets customers set a personalized gambling spend limit, helping them better manage their money and establish boundaries around certain spending behavior.
Lloyds Bank director, personal, current accounts Philip Robinson
Some 50% of the people who were polled by the bank confirmed that they would not mind seeing banks do more to limit gambling harm. Monthly gambling limits are a good way to start, and even though banks cannot really control gambling behavior and flag excessive spending the same way operators can, they can still make their apps more readily available to people who seek to block every opportunity to deposit and gamble money excessively.
More Tools Coming to the Aid of Consumers Struggling with Gambling
Ultimately, customers will have a say on their monthly limits and empower players to have more control in budgeting how much they wish to spend on gambling. The feature was hailed by Anna Hemmings, CEO at GamCare, who similarly praised the innovative approach and said that the new gambling spend limit available in the bank’s app will truly help protect consumers from gambling harms:
This tool complements the range of existing support features that we can recommend to people reaching out for help.
Anna Hemmings, CEO at GamCare
Meanwhile, the United Kingdom is undergoing some significant changes in the way it intends to regulate its gambling industry in the digital age. The suspension of credit cards has been around for a long while, but a pending review of the Gambling Act 2005 is expected to introduce more measures that actively safeguard consumers.