HSBC Bank revealed that it has decided to extend its cooling-off period for avid gamblers. The announcement of the British banking and financial services organisation that it has boosted its cooling-off period from 24 hours to 72 hours comes at a time when gambling revenue and gamblers’ active accounts are rising.
The cooling-off period was implemented by British banks and financial service organisations to prevent gamblers, who have been playing excessively, from spending too much money on gambling products. As mentioned above, HSBC Bank has decided to extend this period from 24 hours to 72 hours.
The decision follows the latest announcement of the UK Gambling Commission (UKGC) that the gambling products’ overall gross gaming yield in the country has risen by 29%. Recently, the country’s gambling regulatory body also reported that the number of active gamblers’ accounts increased by 7%, highlighting an increased online gambling activity amid the coronavirus pandemic.
HSBC Bank was one of the first financial institutions not only in the UK but also worldwide to suspend the use of credit cards in gambling transactions. It started being more active in addressing the issues associated with gambling addiction and gambling-related harm in 2019 and has worked in collaborations with representatives of the UK Government and the country’s gambling watchdog ever since.
Cooling-Off Period Extension Comes amid Online Gambling Participation Increase
At the time when the bank announced its decision to extend the so-called cooling-off period from 24 hours to 72 hours, Maxine Pritchard, the head of Financial Inclusion and Vulnerability at the financial organisation, explained that HSBC was aware of the fact that some of its customers faced certain challenges when it comes to controlling their gambling behaviour.
According to the bank, boosting the restriction to 72 hours will be found helpful by local customers, as they will be given the chance to stay away from gambling for a longer period. Apart from that, Ms Pritchard explained that the financial institution is looking for new ways to help customers be more self-aware of their gambling habits and become better at controlling them. For the time being, HSBC Bank is working in collaboration with the independent UK charity organisation GamCare to design better solutions to help gambling addicts.
If a customer chooses to use the gambling transactions restriction tool offered by HSBC Bank, their transactions to gambling websites will be blocked. The ban will apply to all types of transactions, especially the ones carried out with debit cards. Consumers can easily turn the restriction option on via the mobile application of the bank.
Apart from this type of self-exclusion measure, HSBC is willing to help vulnerable customers or people who find it hard to control their gambling habits. The bank is considering referring such people to third-parties that specialise in the provision of consultations and treatment of problem gambling and gambling-related harm and will be better prepared to assist in such cases.
- Author
Daniel Williams
