HSBC targets lockdown gamblers with spending block increase
High-street banking giant triples cooling-off period to 72 hours citing October rise in gambling GGY
HSBC has tripled the cooling-off period on its gambling spending block feature from 24 to 72 hours.
The high street bank, which introduced the spending block in 2020 as part of wider curbs on gambling-related spending, cited a perceived increase in gambling during lockdown as a reason to reconsider the duration of the cooling-off period.
This means customers who choose to activate the spending block will now have to wait an extra two days before being able to access gambling sites.
The bank highlighted UK Gambling Commission data from October, which showed lockdown measures were influencing gambling behaviour in the UK.
During October, UK gross gambling yield (GGY) rose by 29% month-on-month, with a 7% increase in active accounts. However, this trend was not replicated in November, with a 13% fall in GGY and a 28% decrease in real-event betting.
The block, which is accessible to HSBC and First Direct customers with an active debit card, can be activated in branch or via the HSBC UK mobile app. HSBC became the first bank to enact the UKGC’s ban on credit card-based gambling in April 2021.
“This is a challenging time for many of our customers, with some not working and perhaps facing financial difficulty,” HSBC head of financial inclusion and vulnerability Maxine Pritchard said.
“By increasing the restriction to 72 hours, this will help give our customers time to pause when they are tempted to return to gambling.
“We are always looking for new ways to support our customers and make it easier for them to manage their finances.
“Customer feedback on our gambling control showed us there was more we could do to help and we’ve worked closely with them and with GamCare to design the solution,” Pritchard added.