A British bank is trialling a new budgeting tool within its checking account to help gamblers set limits on their spending.
Lloyds Bank – founded in 1765 – has more than 26 million customers that regularly use its checking and savings account services.
The London-based institution is now trialling new technology aimed at restricting the monthly spend on gambling products, in an effort to help those who need self-imposed limits.
“For several years, we’ve helped our customers ‘turn-off’ gambling spend,” said Philip Robinson, director of current accounts at Lloyds Bank.
“Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”
The move comes as research shows “up to 3% of UK adults are estimated to be at some risk of harm due to their gambling” and an increase in young people gambling is being felt in the country.
How Bank Gambling Restriction Works
According to a Lloyds spokesperson, the budgeting tool allows players to set a limit on the amount of money they can transfer into an online sports betting or casino account.
“The feature allows people using the Lloyds Bank mobile app to set a monthly debit card gambling limit of any amount to the nearest pound when spending online, in person or over the phone,” they stated.
Lloyds is already signed up to the UK’s Gamban integration which players can activate to block transactions between their checking account and their gambling site.
The new trial will offer players a further option when it comes to restricting their gambling use. But whereas the Gamban initiative stops transactions, the trial limits effective give gamers a monthly cap they cannot exceed.
The limit can be adjusted or removed at any time and automatically rolls over to the following month.
You can freeze gambling in our Mobile Banking app, instantly blocking payments to gambling retailers. It takes 48 hours to unfreeze, for your protection. For more tools and support, including links to @GambleAware visit: https://t.co/Fo20CtJGQ0 #ByYourSide pic.twitter.com/uMBeM0zE5p
— Lloyds Bank (@LloydsBank) November 21, 2022
Praise For Harm Prevention Method
Lloyds conducted its own research and found 50% of people want banks to take further action to help prevent gambling harm. The most supported feature was monthly gambling limits.
Anna Hemmings, GamCare CEO, who said: “As many households are having to think more carefully about their budgets, the launch by Lloyds Bank of its new in-app gambling spend limit feature will give those most vulnerable to gambling harms an important means of controlling their gambling – and preventing harms from escalating.
“This tool complements the range of existing support features that we can recommend to people reaching out for help.”
Lloyds’ new initiative comes as the bank seeks to deepen its use of technology to help customers. The priority for many Brits is saving money during a period where the economy is tightening budgets across the country.
