Irish Banks Launch Voluntary Credit Card Block for Gambling

Picture your online gambling transactions meeting an instant credit card block.

Two Irish banks commit to a voluntary credit card block for wagering, forging a milestone in consumer protection.

Imagine a future where the GRAI and financial institutions collaborate, safeguarding players in a regulated marketplace.

Embrace these reforms, prepare for 2025’s Irish gambling regulation, and support safer gaming practices nationwide.

Irish Banks Take a Stand: Voluntary Credit Card Block on Gambling Ushers in a New Regulatory Era

3 Key Points

1. Two Irish banks, Allied Irish Bank and EBS, will implement a voluntary gambling credit card block.
2. GRAI welcomes this consumer protection measure, encouraging more financial institutions to follow suit.
3. Ireland aims to be fully regulated by 2025, with the GRAI holding powers to levy fines up to 10% of GGR.

Two Irish banks are set to introduce a voluntary gambling credit card block, according to the Gambling Regulatory Authority of Ireland (GRAI). The banks in question, Allied Irish Bank and EBS, plan to add a feature that enables customers to block gambling-linked debit and credit card transactions.

Anne Marie Caulfield, GRAI’s CEO designate, commented on the banks’ plans. She highlighted that the GRAI is actively engaging with Ireland’s banking sector, urging other institutions to adopt similar measures. This development arrives as Ireland moves steadily toward a fully regulated gambling market, targeted for 2025. The country recently passed its landmark gambling regulation bill in October, positioning itself to become Europe’s newest regulated gambling jurisdiction.

As the designated regulatory authority, the GRAI will oversee market compliance and enforce strict guidelines. The body will have the power to impose fines of up to 10% of Gross Gaming Revenue (GGR), illustrating the emphasis on robust oversight. Already, the GRAI has posted vacancies for qualified professionals to form its seven-member board, reflecting the agency’s preparatory efforts to manage Ireland’s emerging gaming landscape effectively.

Caulfield underscored GRAI’s objective to become a modern, fit-for-purpose regulator. She noted that staff training, organizational structuring, and corporate governance protocols are in full swing. Contracts for human resources, finance, information technology, and communications have been tendered to ensure smooth operations once licensing commences.

Additionally, the GRAI is developing plans to become self-funding. Caulfield described how the organization is refining its licensing and operational financial models to align with the new regulatory environment. This strategy goes hand in hand with the GRAI’s priority of establishing a transparent licensing regime for gambling operators. In that vein, the authority has reached out to gambling and gaming companies that currently operate—or intend to operate—within Ireland, asking them to register their interest for future licensing applications.

The GRAI is also formulating Codes of Conduct for the industry. These will set new standards on responsible gambling, safeguarding vulnerable players, and ensuring fair play. This push for updated codes demonstrates that regulators and financial institutions are collaborating to keep gaming safe and profitable, focusing on accountability and consumer well-being.

By adopting a voluntary gambling credit card block, Allied Irish Bank and EBS respond directly to concerns about problem gambling. Furthermore, they help pave the way for greater cooperation between financial services and regulatory agencies. These actions will likely serve as a precedent, inspiring other banks to follow suit.

The announcement that two Irish banks will implement a voluntary gambling credit card block symbolizes a critical step toward responsible gambling in Ireland. With the GRAI endorsing these measures and the country’s new gambling regulation set for full implementation by 2025, Ireland’s gambling landscape appears poised for a transformative era. As more financial institutions join the initiative, the focus on consumer protection stands to strengthen, ensuring a safer environment for all Irish bettors.

The post Irish Banks Launch Voluntary Credit Card Block for Gambling appeared first on Gamingo News.

Picture your online gambling transactions meeting an instant credit card block. Two Irish banks commit to a voluntary credit card block for wagering, forging a milestone in consumer protection. Imagine a future where the GRAI and financial institutions collaborate, safeguarding players in a regulated marketplace. Embrace these reforms, prepare for 2025’s Irish gambling regulation, and
The post Irish Banks Launch Voluntary Credit Card Block for Gambling appeared first on Gamingo News.