New gambling block service nationwide addresses rising losses and risky betting behaviours.

Nationwide Building Society has sent a stark warning to its customers, unveiling a new initiative aimed at curbing the dangers of gambling. The world’s largest building society has introduced a gambling block service, allowing users to impose restrictions on their accounts to prevent betting-related financial losses.

The move comes in response to alarming statistics from a recent Nationwide survey. The research revealed that over 11% of UK adults gamble daily, with the average gambler losing £351 over the past year. Even more concerning, 4% of respondents admitted to losing more than £1,000 in a single bet during the same period.

The financial toll extends beyond monetary losses. Close to one in ten participants (9%) reported losing money they depend on for essential expenses, underscoring the societal risks associated with gambling. Nationwide’s new feature aims to provide a safety net for these individuals.

When activated, the gambling block prevents transactions related to betting. Even if the block is turned off, it remains active for a mandatory 72-hour “cooling-off period,” designed to deter impulsive gambling during periods of high temptation, such as weekends filled with sporting events.

Gender disparities in gambling habits have also emerged. According to the poll, 73% of men gamble at least once a week, with 15% indulging daily. In contrast, 55% of women gamble weekly, and only 8% do so daily. The financial consequences are similarly lopsided. Men reported losing an average of £467 last year compared to £255 for women, with the highest single-bet losses at £265 for men versus £98 for women.

A Nationwide spokesperson emphasised the need for such measures, stating, “Gambling can have devastating financial and emotional consequences. By offering tools like the gambling block, we aim to empower our members to take control of their finances and make informed decisions.”

The initiative also highlights broader societal concerns. As gambling becomes more accessible through digital platforms, the line between entertainment and addiction continues to blur. Financial institutions, including Nationwide, are stepping up to address the problem, recognising their role in safeguarding customers’ financial well-being.

Nationwide’s service comes as a timely intervention in a climate where gambling-related harm is under increased scrutiny. It not only supports customers in managing their spending but also serves as a wake-up call about the hidden dangers of unchecked gambling.

For millions of Nationwide customers across the UK, this feature could prove to be a lifeline. As the conversation around gambling and its consequences grows louder, building society’s proactive approach could set a benchmark for financial institutions worldwide.