GamCare, a UK charity, has made a call to banks to enhance their efforts in promoting awareness of gambling block tools available to their customers.
These blocks, offered by a wide array of UK banking establishments, represent an important line of defence against gambling-related issues. Despite their availability, GamCare asserts that a significant number of customers remain uninformed.
GamCare advises banks to be proactive, suggesting that they ought to routinely guide their customers towards these tools, along with related support services.
One such support service is TalkBanStop – an innovative collaboration between GamCare, Gamban, and Gamstop. This recommendation was put forth following a Gambling Related Financial Harm (GRFH) workshop.
Addressing Inconsistencies in Gambling Block Nomenclature
Deelan Maru, an advisor on the Behavioural Insights Team, shone light on the inconsistencies plaguing the system.
He stated, “Our analysis of bank gambling tools shows that gambling blocks have inconsistent naming conventions across different banking apps. For example, one bank may call it ‘card freeze’ whilst another would place it under ‘merchant control’ or ‘restriction’ settings – ultimately causing ambiguity and confusion for the consumer.”
The issue at hand lies not only in the unawareness of customers but also in the confusing nomenclature used by different banks. These gambling management tools are often hidden under different names across various banking apps. The consequence is consumer confusion and ambiguity, hindering the tools’ efficacy.
In response, Maru emphasises the importance of these tools being presented in intuitive locations, accompanied by consistent naming across the finance sector.
This would bolster awareness and acceptance of gambling management tools, thus ensuring better protection for vulnerable customers from potential gambling harms.
Implications for the iGaming Industry
- Consistent tool naming across the sector: A unified nomenclature for these tools could mean increased usage. This would result in safer gambling practices, having a long-term, beneficial impact on the reputation of the iGaming industry.
- Better customer protection: Enhanced protection for consumers signifies a safer environment for gamblers, which can lead to improved customer retention and potentially more trust in the industry.
- Collaborative effort: It is clear that banks, gambling block tools providers and the iGaming industry need to work together to create a healthier gambling environment. This would ensure a sustainable future for the industry and help maintain public trust in the burgeoning digital gambling space.