HSBC have extended the cooling-off gambling block to 72 hours over fears of financial vulnerability. HSBC has also extended the block as a result of the British Gambling Commission’s data surrounding the rising figures of online betting and active gambling accounts. These figures have appeared to be rising as the months go on due to individuals working from home.
HSBC is largely taking its customers’ mental health into their own hands by introducing the new gambling block. Essentially, this three-day block acts as a cooling-off period when individuals feel like they are struggling to control their gambling actions. The block was introduced in 2019 and is on its way to changing the data.
Players can activate the block themselves on the HSBC app, through telephone or by visiting their local branch. Allowing customers to manage their cards has and will continue to be beneficial for their financial and mental health.
Anna Hemmings – GamCare’s Chief Executive – has suggested that the personal blocking “is an important tool for those struggling with their gambling and is ideally used together with other practical tools such as self-exclusion, blocking software, and specialist support around the issue”. She also notes that GamCare has been developing practical tools for individuals who feel like they need help; specifically, through GamCare’s ‘TalkBanStop’ campaign.
The benefits of ‘cooling-off’
University research has shown that cooling-off periods are very important for the gambling block to be successful as this limits the urges to gamble again.
Maxine Pritchard of HSBC UK believes that the changes “will help give customers time to pause”.
Affiliates should keep this and the Gambling Commission’s data in mind for the duration of 2021.