Irish banks unite against excessive gambling: a historic first
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4 Jan 2025 •
Reading time: 2 minutes In Ireland, a crucial step has just been taken in the protection of vulnerable gamblers. Allied Irish Bank (AIB) and EBS, two of the country’s largest financial institutions, have announced the introduction of a voluntary block on bank card transactions related to gambling. This initiative is part of a context of ambitious reforms carried out by the Gambling Regulatory Authority of Ireland (GRAI).
A step towards better consumer protection
This measure, although currently voluntary, could pave the way for similar actions in other financial institutions.
“We are actively working with the Banking Payments Federation of Ireland and the major banks to generalize this measure which is essential for consumer protection.”
Anne Marie Caulfield, CEO of the GRAI
Blocking transactions is a strategic lever in the fight against gambling addiction. Public health experts welcome this decision, which they say will help reduce the often devastating financial and psychological impacts of excessive gambling.
A rapidly evolving legislative framework
This announcement comes a few months after the adoption of a historic law last October. This provides for the creation of a regulated gambling market in Ireland by 2025. The GRAI, in charge of this ambitious project, will have extensive powers to supervise and regulate this sector. Fines could be up to 10% of the gross turnover of operators in violation.
“For several months, we have been establishing the necessary structures to become an independent, effective and fit-for-purpose regulator.”
Anne Marie Caulfield
She added that the institution is working on several fronts: recruiting its board of directors, training staff, and setting up procedures for governance and the fight against money laundering.
One of the GRAI’s priority objectives is the development of a licensing regime for operators. With this in mind, it has called on companies already present or planning to enter the Irish market to express their interest.
“This initiative will allow us to anticipate the number of applications and prepare a suitable framework for their reception in 2025.”
At the same time, codes of conduct are being drafted to regulate the activity of companies.
Towards a regulated future
As initiatives multiply, Irish society seems to be entering a new era of responsible gambling. This regulation is not only aimed at limiting financial risks, but also at creating an environment where players can engage safely.
The players in the banking and gambling sectors will continue to be called upon to participate in these reforms. As the GRAI prepares to play a central role in this transformation, its decisions will be closely watched, not only in Ireland, but also in the rest of Europe.