Do It for Future You: Monzo’s Game-Changing Gambling Block Stops Over £9 Million of Gambling Payments in 2024 So Far

Leading digital bank Monzo today reveals new data showing it has blocked £9,000,000 in gambling transactions in 2024 alone – an 8% year on year rise since 2023 – since introducing new features to its gambling block. The industry-leading additions of a powerful note-to-self that appears when customers want to lift the block and an extensive range of cooldown periods are helping customers take control and build better money habits.

The Gambling Commission recently revealed the UK has seen a 12% increase in gambling transactions to £1.46 billion in 2024. Meanwhile, over 70,000 Monzo customers are embracing the bank’s latest additions to the gambling-block with the average self-imposed cooldown period – the time between lifting the block and being able to gamble again – surging from three months to ten.

At the heart of Monzo’s self-management feature is the deeply personal ‘note to future you,’ that appears when a customer is tempted to gamble again, giving them the opportunity to pause, reflect, and remember why they chose to stop gambling in the first place.

More than 700,000 customers are using Monzo’s gambling block and since the introduction of self-serve features last year Monzo has seen:

• Over 70,000 customers embrace the self-serve additions
• 75% of those customers are choosing cooldowns of over 48 hours
• 41% of customers are opting for the maximum industry-first 12-month cool-down period
• 20% rise in blocked gambling payments each month, jumping from £657,000 in 2023 to over £800,000 monthly
• The average cooldown period has surged from 3 months to 10 months
• 8,500 customers are writing powerful notes to their future selves

You can find out more on the gambling block, self-serve features and Monzo’s commitment to responsible banking here.

Kate Graham, Vulnerability Manager at Monzo said: “By staying close to our customers, we build and evolve products and features like the Gambling Block that help them to transform their relationship with money. Hearing from them about the impact our latest additions to the tool have made is fantastic, even more so because so many customers are controlling the urge to gamble by reading notes they’ve written to themselves in the Monzo app and choosing longer cooldown periods than ever.”

Raminta Diliso, Financial Harm Manager, GamCare: “Financial harm is a significant issue for many of the people we support, and tools like Monzo’s gambling block are an important part of tackling this challenge. It’s great to see banks offering these features, and we support the range of options Monzo provides to their customers. Longer cooling-off periods, such as the 12-month option, can play a crucial role in supporting recovery and helping individuals regain control over their finances. We encourage anyone struggling to seek help via the National Gambling Helpline, free and available 24/7, at 0808 8020 133.”