The self-exclusion feature was introduced in June 2018 and has amassed a hefty consumer number of players. Some have excluded completely, whereas others have benefited from the so-called “cooling off” option during where players take a 48-hour break before returning to gaming.
Monzo's algorithms that guarantee player protection are based on the codes used in the transactions. Only 8% of the players who have used the future have reversed it. In other words, Monzo has seen an average of 2,314 sign up for the self-exclusion feature every month since the option was launched.
Monzo was one of the first companies to introduce this self-exclusion option together with Starling. Later, many other banks followed including Barclays, HSBC, Lloyds Bank and Bank of Scotland. Presently, all gambling transactions involving credit cards are banned in the United Kingdom.
Regulators have gone even further, specifically explaining that a credit card may not be used to top up an e-wallet which is then used to play at casinos. It's within the remit of casinos to root out such transactions.
Irregularities will be punished by the UK Gambling Commission (UKGC), which is the main regulator in the country. Of course, tracking such transactions may prove a little too difficult for casinos, which may now have to disable some payment methods.
One of the strengths of blockchain gaming is that all payments can be traced to their source, thus enabling trusted Bitcoin casinos to always be able to provide regulators with the necessary information.
There are many established blockchain casinos today, including Bitcasino.io which is committed to upholding all regulator norms, even if licensure procedures are slow.