Bank of Ireland has rolled out new voluntary debit card blocks to address the growing concern of youth gambling in the country. This move comes as recent data reveals a significant uptick in betting activity among young adults.
Key Takeaways:
- Bank of Ireland implements voluntary debit card gambling blocks
- Card spending on gambling by 18-25 year olds rose 19% in Q1 2023
- New initiative aims to help customers regain financial control
Bank of Ireland Responds to Youth Gambling Surge
Recent data from Bank of Ireland has shed light on a concerning trend in the gambling landscape. Despite a slight overall decline in spending, card transactions related to betting activities among 18 to 25-year-olds saw a notable increase of 19% between January and March. This surge occurred against the backdrop of major sporting events in the first quarter of the year.
Áine McCleary, chief customer officer at Bank of Ireland, emphasized the far-reaching impact of problem gambling on individuals and their loved ones. The bank’s new initiative seeks to provide customers with practical tools to manage their finances more effectively.
Voluntary Blocks: A Step Towards Responsible Gambling
The newly introduced voluntary debit card blocks are designed to prevent transactions with gambling operators, online casinos, slot machines, and lottery websites. Currently available for personal and business debit cards, the bank plans to extend this feature to credit cards in the coming months.
Gambling Trends in Ireland
Oisín McConville of GamblingCare.ie highlighted the increasing trend of betting among younger demographics, stressing the need for comprehensive support systems to address problem gambling before it becomes unmanageable.
Gender and Regional Disparities
The data reveals that over 70% of bets placed in Q1 2023 were made by men. Regionally, the highest increases in gambling activity were observed in Wicklow (up 37%), Kilkenny (up 24%), and Limerick (up 20%). Interestingly, betting activity among those aged 65 and over declined by 8%.
Sporting Events Drive Betting Activity
The surge in gambling among younger age groups was largely attributed to high-profile sporting events earlier in the year, including the Cheltenham Festival and the Six Nations. These events traditionally attract significant betting interest, particularly from younger demographics.
Ireland’s Broader Efforts to Combat Problem Gambling
Bank of Ireland’s initiative is part of a wider effort to address gambling-related issues in the country. In early March, Ireland launched its [first fully-funded gambling addiction treatment program](https://www.gamblingnews.com/news/ireland-launches-first-fully-funded-gambling-addiction-treatment-program/) marking a significant step in providing support for those affected by harmful gambling habits.
As the gambling landscape continues to evolve, with new trends emerging such as [betting on the next pope](https://www.gamblingnews.com/news/countless-bettors-attempt-to-predict-the-next-pope/) the introduction of voluntary gambling blocks by Bank of Ireland represents a proactive approach to promoting responsible gambling practices and financial well-being among its customers.
