Bank of Ireland Implements Age-Restricted Transactions on Gambling Services to Safeguard Young Users
Scraping the Surge:
- Bank of Ireland introduces voluntary debit card gambling blocks to tackle youth gambling concerns
- Spending on gambling by 18-25 year olds rose 19% in Q1 2023, with major sports events driving the trend
- Aiming to help customers gain financial control, the bank's move is a step towards responsible gaming
Ireland's Gambling Dilemma: A Changing Landscape
Bank of Ireland's data reveals a worrying trend in Ireland's gambling culture. Although overall spending decreased slightly, transactions related to betting activities spiked 19% amongst 18-25-year-olds. This surge occurred during the first quarter, coinciding with significant sports events.
Áine McCleary, Bank of Ireland's top customer officer, spoke of the destructive impact of problem gambling on individuals and their loved ones. The bank's initiative aims to provide practical tools for better financial management and control.
Empowering Customers: Taking Action
The innovative voluntary debit card blocks prevent transactions with gambling operators, casinos, slots, and lottery sites. Available for personal and business debit cards, the bank plans to extend this feature to credit cards soon.
Gambling Tendencies: Who's Betting and Where?
Oisín McConville of GamblingCare.ie raised concerns over the increasing betting trend among younger demographics, stressing the importance of comprehensive support systems.
Unbalanced Odds: Gender and Region
Men accounted for over 70% of bets in Q1 2023, with the highest increases observed in Wicklow (up 37%), Kilkenny (up 24%), and Limerick (up 20%). Unusually, betting among those aged 65 and over declined 8%.
Combating Problem Gambling: A Wider Battle
Bank of Ireland's initiative is part of Ireland's larger effort to combat gambling-related issues. In March, Ireland launched its inaugural fully-funded gambling addiction treatment program.
As gambling behaviors evolve, such as betting on the next pope, Bank of Ireland's implementation of voluntary gambling blocks signals a proactive approach to fostering responsible gambling practices and promoting financial health among its customers.
[References]1. https://www.independent.ie/business/irish/bankofireland-to-introduce-voluntary-gambling-block-on-debit-card-41569523.html2. https://www.thejournal.ie/bank-of-ireland-voluntary-gambling-block-3694021-Mar2023/3. https://www.thejournal.ie/bank-of-ireland-voluntary-gambling-block-3694021-Mar2023/4. https://www.rte.ie/news/business/2023/0318/1296711-bank-of-ireland-voluntary-gambling-block/
- The recent rise in spending on gambling by 18-25 year olds in Ireland, up 19%, has sparked concerns, particularly considering the spike coincided with major sports events.
- Aiming to help customers gain better control over their finances, Bank of Ireland has implemented voluntary debit card gambling blocks as part of its proactive approach to responsible gaming.
- In addition to Ireland's efforts to combat gambling-related issues, the country's health and wellness industry and mental health sector are recognizing the need to address the impact of gambling on individuals and their loved ones.
- Banking and insurance industries, like Bank of Ireland, are starting to implement science-based solutions to tackle problem gambling, recognizing its far-reaching effects on finance and business.
- As the gambling landscape changes, with betting on unconventional events like the next pope becoming more common, it's crucial for the finance industry to adapt and implement responsible practices to protect consumers.
- With men accounting for over 70% of bets and significant increases observed in certain regions, such as Wicklow, Kilkenny, and Limerick, it's essential for the gambling industry to address these trends and implement measures to promote balanced participation.