The United Kingdom has been working hard to lower rates of gambling addiction. It’s becoming an increasingly serious issue in the country and one of the government is beginning to take very seriously. HSBC bank’s new gambling measures are intended to make the government’s job just a little bit easier.
This major bank is hoping to better protect its members from the dangers of gambling addiction. Today, we’re going to look at exactly how this bank plans to do so.
Let’s get into it!
The UK Continues to Implement New Gambling Regulations
We’ve covered the UK’s crackdown on the gambling industry extensively. In case you’re unaware, lawmakers in this country are setting various new regulations and restrictions on the land-based and online gambling industry. This is largely due to the increasing rates of gambling addiction spread around the country.
A report from the BBC revealed that more than £14.5 billion was spent on gambling in Great Britain between October 2017 and September 2018. Online gambling accounts for 38.8% of this revenue, or £5.6 billion. It proves just how popular this industry is in the country. The money isn’t necessarily the issue; the government is more concerned that nine out of every 1,000 people are problem gamblers.
Lawmakers have begun setting new regulations on this industry. The first came back in February when government officials set new gambling advertising regulations. In April, the government announced an entire national strategy to combat the UK’s growing gambling addiction problem.
This has significantly reduced the revenue earnings for many companies here. Some have completely revamped their strategies. William Hill, for example, is closing many of its land-based UK betting shops and is expanding heavily in the US.
HSBC bank’s new gambling measures will have an impact, as well. Fortunately, these regulations are not specifically targeting gambling companies.
HSBC Bank’s New Gambling Measures in a Nutshell
HSBC is one of the largest banks in the world. It’s based in the UK, and as a result, is directly impacted by regulations the government has placed on the gambling industry. About a week ago, this bank decided to enter into the regulatory game, too.
News surfaced that HSBC bank’s new gambling measures were officially coming. It was rumored that an ATM-like spending limit was being considered.
This week, the bank announced a different set of regulations. According to The Guardian, HSBC UK will soon allow its customers to exclude themselves from all gambling transactions. It comes in response to concerns from customers about the impact that betting is having on their finances.
Maxine Pritchard, head of financial inclusion and vulnerability, commented on HSBC bank’s new gambling measures to the media this week.
“We are committed to helping customers manage their finances and that includes introducing new tools that can help control spending,” she said. “With the bank receiving 12,000 calls a year relating to gambling, it’s clear we should do more to support these customers.”
More UK Companies Ready to Expand to the US Market
The UK is said to have the largest online gambling market in the world. This won’t last forever, though.
In May of 2018, the US Supreme Court struck down PASPA, giving every state the opportunity to set their own laws on the sports gambling industry.
Since that time, 20 US states have legalized sports betting. Many more are likely to do so over the next few years. In time, the United States will become the world’s largest sports betting market.
A huge number of UK gambling sites are now available in states with regulated sports betting markets. The aforementioned William Hill is working extremely hard to break into the US market.
Many more gambling operators in the UK are entering the United States every year. As more states legalize sports betting, more opportunities arise for these companies.
Do you think HSBC bank’s new gambling measures will be effective? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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