In response to mounting concerns over the misuse of business bank accounts to facilitate gambling activities, GamCare, the operator of the National Gambling Helpline, has issued a compelling recommendation urging banks to consider blocking transactional activities between business cards and online casinos.
Rising Concerns
The advisory comes in the wake of alarming reports indicating a surge in instances where business funds have been diverted towards gambling endeavors. Highlighting the severity of the issue, GamCare underscored the urgent need for proactive measures to curb such practices.
A Distressing Case
A recent workshop convened by GamCare shed light on a distressing case involving a former business owner who suffered substantial losses after her son, responsible for managing the company’s finances, utilized the business debit card for gambling purposes. Shockingly, despite the substantial volume of gambling-related transactions, both the bank and the company accountant failed to flag the illicit activities.
Ramifications Beyond Individuals
The ramifications of employing company bank cards to fuel gambling habits extend beyond individual consequences, posing significant risks to businesses and their employees alike. Consequently, GamCare has put forth a comprehensive set of recommendations, advocating for the blocking of gambling transactions on business accounts, coupled with robust measures such as staff training, transactional monitoring, and intervention initiatives to safeguard employees’ well-being.
Call for Vigilance
Raminta Diliso, the Financial Harm Manager at GamCare, expressed grave concerns over the hidden nature of gambling harm, emphasizing the imperative for business banks to grasp the inherent risks associated with allowing transactions to online casinos. Diliso stressed the importance of proactive steps to shield British businesses and individuals from the perils of gambling-related harm.
Lack of Workplace Policies
The latest push for heightened vigilance from financial institutions comes on the heels of a recent YouGov study, which revealed a glaring lack of workplace policies addressing gambling-related issues. With only a mere 9% of companies equipped with such policies, the need for concerted action to bolster workplace support for individuals grappling with gambling addiction has never been more pronounced.
Collective Responsibility
As the debate surrounding individual responsibility continues to loom large, GamCare’s latest initiative underscores the collective imperative to combat the scourge of gambling-related harm, urging stakeholders across sectors to unite in safeguarding vulnerable individuals and businesses from the pernicious grip of online gambling.
