Lloyds Bank is trialling a feature which enables customers to set a limit on how much they can spend each month on gambling using their debit card.
Available within the Lloyds banking app, users will be able to set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person or over the phone.
Research from the Gambling Commission shows that approximately one in three UK adults participate in gambling (excluding lotteries), and up to three percent of UK adults are estimated to be at some risk of harm due to their gambling, of which 0.3% is considered to be ‘problem’ gambling.
Research carried out by Lloyds Bank found that 50% of people would like banks to take further action to help prevent gambling harm, with monthly gambling limits being one of the most supported features amongst respondents.
Lloyds Bank already allows customers to freeze gambling spend completely, introduced in November 2019. Customers can remove the block at any time but must wait 48 hours before they can resume spending on gambling. The freeze service is available on both Lloyds Bank debit and credit cards, while limit setting is available on debit cards only currently.
The addition of setting monthly limits, which gives customers more control in budgeting how much they are spending on gambling, can be adjusted or removed at any time and will automatically roll on each month, until the limit is removed.
Philip Robinson, director, personal current accounts at Lloyds Bank says: “For several years, we’ve helped our customers ‘turn off’’ gambling spend. Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”