Monzo blocks £9 million in gambling transactions in 2024 alone

New data from the UK’s leading digital bank reveals it now blocks a staggering £800,000 in gambling transactions a month, following the introduction of new features to its gambling block.

As part of an ongoing partnership, last year Monzo worked closely with GamCare to improve its gambling block – a tool to help customers prevent gambling by blocking these transactions before they go through.

The latest data reveals customers have embraced the new additions to the block. In an industry-first, Monzo extended the maximum cool down period – the time between switching off the block and being able to gamble again – to an entire year. The average self-imposed cool down has soared from three months to ten, with 41% of users opting for the maximum 12-month period.

What’s more, 8,500 customers have chosen to use the ‘note for future you’ feature that allows them to write a personal note they’ll be shown if they are tempted to turn off the block and gamble again.

Lived experience

These improvements were made following consultation with our Lived Experience Panel, who use their personal experiences of gambling harm to help shape and improve GamCare’s work.

Colin Walsh, Lived Experience Manager at GamCare, says: ‘Drawing from my own experience and thinking about what might have helped me in the past, it was clear to see how these updates would make a real difference for people at risk of gambling harm.

Giving customers greater ability to customise the gambling block to fit their needs is a huge step forward. I’m looking forward to continuing to support the Monzo team as they keep pushing boundaries and raising the bar in supporting vulnerable customers.’

‘These tools work’

So far in 2024, the block has stopped a staggering £9 million in gambling transactions.

‘It’s a mind-blowing figure, and that’s only the people who tried to gamble and had their transaction blocked,’ says Raminta Diliso, Project Manager at GamCare.

‘Many people may not even attempt to gamble because they know they’ve put the block in place, so the real impact may be much bigger.

If the block wasn’t available and these transactions went through, that could have led a lot of people into debt or other gambling related financial harm. These figures are evidence that these tools work.’

A changing landscape

As a result of these changes, Monzo now meets 87% of GamCare’s recommendations for how banks can support customers at risk of gambling harm (up from 45%).

We’d like to see more banks following in Monzo’s footsteps and taking proactive steps to prevent gambling harm. With online gambling on the rise, hitting £1.46 billion in the first quarter of 2024, it’s vital that banks take measures like this to protect their customers.

Need support for gambling harm?

Many banks offer gambling blocks or other tools to help you manage gambling spend, so it’s worth exploring your options.

We’d recommend using a banking block alongside blocking software and self exclusion schemes like GAMSTOP so you’ve got as much protection as possible.

Remember, we’re here for you if you’re concerned about gambling harm and would like support. You can speak with our Advisers one-to-one over the phone 0808 80 20 133 or on live chat 24 hours a day, every day of the year. You can also ask to be referred to our Money Guidance Service if you’d support with protecting your finances.