The Gambling Regulatory Authority of Ireland (GRAI), has emphasised the importance of collaboration as the financial and banking sector strengthens safeguards against problem gambling.
The group’s CEO, Anne-Marie Caufield lauded the potential impact of a voluntary block feature on gambling transactions introduced by AIB and EBS, two of the biggest banks in the Republic of Ireland.
It’s a step that comes off the back of research from Ireland’s Economic and Social Research Institute (ESRI), which detailed that the average spend by people experiencing gambling harm is €1,000.
Caufield stated: “We welcome the introduction by AIB and EBS of a voluntary block feature on debit and credit card transactions which are classified as linked to gambling. Revolut also gives customers the ability to implement a gambling block on their account.
“We are engaging with the Banking Payments Federation of Ireland (BPFI) and directly with pillar banks to encourage other financial institutions to introduce this valuable consumer protection measure.”
Charities and industry commentators will have optimism that the steps taken will usher in even further collaboration between the financial sector and the gambling industry.
On the other side of the Irish Sea, the UK Gambling Commission (UKGC) has been encouraging the sector to learn from its counterparts in finance, particularly around data sharing.
At the heart of this could be tapping into the growth of Open Banking tech as a vertical and an opportunity for boosting the way data is shared across players. Several major UK banking stakeholders have also been offering gambling blocks to customers, with challenger bank Monzo arguably the most notable to do so. The bank recently reported an 8% year-over-year increase in gambling blocks by its customers since 2024.
