HSBC UK Could Be The First To Implement Restrictions On Online Gambling Transactions

HSBC UK Could Be The First To Implement Restrictions On Online Gambling Transactions

Amidst increasing gambling addiction in the UK and a group of British parliamentarians demanding that maximum stake limits be extended to online gambling in the country, HSBC bank through its twitter handle has revealed that they could implement some restrictions on transactions related to online gambling services by 2020.

While it is not clear as to what these measures and restrictions could be, those familiar with the matter say the bank can cap daily spending in a similar way as ATM withdrawal limits.

The bank in response to a Tweet said that it is preparing to introduce a special algorithm into its online and mobile banking platform as part of the upcoming technical updates that are set to be made in November or December 2019.

The bank said that some new limits on online payments will be implemented as part of the new software releases which are planned for the period.

Through its official twitter handle the HSBC Bank responded to Tony Franklin, a problem gambler whose lifetime gambling losses amount to about £1 million and is the creator of the Gambling Hurts advocacy group.

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