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Monzo and TrueLayer team up to protect vulnerable customers
We’re running a joint pilot to create an open banking powered gambling block
Monzo was the first bank to introduce a Gambling Block in 2018, following demand from customers who wanted help controlling their gambling addictions. Over 275,000 Monzo customers have chosen to activate the Monzo Gambling Block and less than 10% have ever switched it off permanently.
The Gambling Block is a completely optional tool that blocks card payments to gambling firms. Customers can apply to their Monzo account themselves in the app or by speaking to a member of Monzo’s customer services team.
However, with more and more gambling providers switching to convenient, open banking powered payments, Monzo and TrueLayer have teamed up to offer the same protections for customers using these new payment methods to gamble. This pilot means that Monzo customers will be able to benefit from an extended gambling block that prevents card transactions and open banking powered payments to operators supported by TrueLayer.
We believe that banks like Monzo and open banking providers like TrueLayer have an important role to play in offering customers greater control over how they spend their money.
How it works
Right now, Monzo customers can request to block transactions made to gambling providers, from their account. To remove the block, a customer who has opted out will need to speak to Monzo’s customer support team and wait 48 hours to switch off the feature.
Most of the gambling blocks currently on the market today work by blocking card payments to specific ‘merchant category codes’, assigned by card schemes (like Mastercard or Visa). These codes let the bank know what type of business their customer is trying to pay, before they send their money. However, these merchant category codes are only available for card payments – not open banking powered payments. As more and more consumers switch to these new, convenient methods, we need to act to make sure they could access the same protections.
Now, TrueLayer will automatically let Monzo know, via an enhanced API call, any time their customer attempts an open banking payment to a gambling firm specifically. This additional data access enables Monzo to prevent the payment on the customers’ behalf if they have their gambling block activated.
This is a relatively straightforward change that Monzo and TrueLayer engineers were able to build in a few days. However it could make a huge difference for those struggling with gambling addiction.
What it means for the future of the industry
Every consumer should have access to a gambling block, regardless of who they bank with – or how they pay.
This is relatively simple for banks and open banking providers to put in place, but can have a big impact on someone’s well being. Other banks and open banking providers should follow our lead, to allow gambling blocks to cover non-card payments.
Providing customers with self exclusion tools for gambling is only the beginning, and there’s so much more that can be done.
Open banking providers offer a unique opportunity to help gambling operators seamlessly support those experiencing gambling harms – and empower consumers to stay in control of their finances. Initiatives like affordability checks to flag at-risk players earlier, spending limits to help ensure players do not overextend themselves, and friction free identity checks can all be improved using open banking.
By enabling the right types of protections for all players, gambling can remain a purely social activity, rather than one with life-altering negative effects.
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Gate.io and AWS’s ‘Gateway to Championships’ Brings Blockchain to the Forefront with FC Internazionale Milano Partnership
The event also brought together industry leaders, sports icons, and blockchain innovators for an evening that not only celebrated technological advancements but also paved the way for a historic and transformative partnership in blockchain and sports.
Panel discussions, moderated by Kristen Lim, Co-Founder and CEO of Rockrose, explored the profound impacts of blockchain technology on the global market. Thought leaders provided insights into the evolving landscape of Web3 and contributed their expertise, highlighting the transformative potential of blockchain across various sectors. Together, they examined key trends, challenges, and opportunities shaping the future of Web3.
VIP Dinner, Networking, and Celebrations
The event concluded with a VIP dinner and networking session, where attendees connected with industry and sports luminaries against the backdrop of a live DJ, creating an atmosphere of celebration and collaboration.
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Additionally, Gate.io organized SOCCER2050, a separate football match highlighting its commitment to the sport and the community. The event was co-hosted with LTP on September 17 in Singapore, where several teams faced off in friendly football matches following a ribbon-cutting ceremony with Dr. Lin Han and representatives from LTP, Huawei Cloud, and Zodia Custody. This event further cemented Gate.io’s presence in the football world, fostering camaraderie and engagement among participants.
Disclaimer
This is a private event for professional knowledge sharing and networking purpose only. You should always seek independent professional advice before making any investment decisions. The products and/or services mentioned herein are only available to persons outside Singapore. Please be noted that Gate Group may restrict or prohibit the use of all or a portion of the Services from restricted locations. For more information, please read the applicable user agreements.
The post Gate.io and AWS’s ‘Gateway to Championships’ Brings Blockchain to the Forefront with FC Internazionale Milano Partnership appeared first on European Gaming Industry News.
Aristocrat Gaming
Record Progressive Jackpot at Over $2 Million and Climbing Up for Grabs at Seminole Hard Rock Hotel & Casino Hollywood
A record progressive jackpot of more than $2 million continues to climb on a $1 million Dragon Link slot machine by Aristocrat Gaming. The huge jackpot is up for grabs at Seminole Hard Rock Hotel & Casino Hollywood.
The $1 denomination Dragon Link slot is a single-site progressive (SSP) and is located in the high-limit slots area of the Hollywood casino, famous through the world for its iconic Guitar Hotel. The slot machine’s progressive jackpot increases independently from other Dragon Link slots at the Seminole Hard Rock Hotel & Casino Hollywood and elsewhere.
The jackpot is climbing by an average of $7,000 per day and is on track to become one of the largest slot machine payouts in Seminole Gaming history and the largest Dragon Link jackpot ever awarded. Players at Seminole Hard Rock Hollywood have a chance to be a part of jackpot history.
“It’s exciting to witness the Dragon Link jackpot grow to an unprecedented amount. The game has been a favorite since its release, and with this amazing prize now up for grabs, our players have the potential for a huge win,” said David Hoenemeyer, Chief Operating Officer of Seminole Gaming.
“We are incredibly proud of the fanfare Dragon Link has amassed over the years, and this historic milestone reinforces player excitement for the brand. The Seminole Hard Rock Hollywood team have been incredible partners and huge supporters of our $1 million Dragon Link offering. We can’t wait to be a part of the celebration of this record-breaking jackpot,” said Kurt Gissane, Chief Revenue Officer for Aristocrat Gaming.
Since its debut at Seminole Hard Rock Hollywood in June 2021, Dragon Link has consistently drawn in players with its exciting high-denomination offering, which includes a $25 minimum bet and a $2,500 max bet. The casino-resort was the first in the world to feature the $1 million Dragon Link progressive, and today, it remains one of the most popular high-limit slot games available.
The impact of Dragon Link on the gaming landscape has been immense, cementing its status as a player favorite. While Aristocrat Gaming continues to push boundaries with innovative offerings, the latest jackpot at Seminole Hard Rock Hollywood represents a new milestone in gaming entertainment.
Xpoint has announced two key appointments as it strengthens its leadership team.
Chris Chapman has been promoted to Chief Technology Officer and Rahul Agrawal has joined as VP of Engineering.
Chapman previously served as VP of Engineering at Xpoint and has been pivotal in leading the company’s engineering efforts, advancing its geolocation technology and ensuring the platform’s reliability and scalability. Prior to joining Xpoint, he held senior leadership positions at companies such as Sourcepoint, Integral Ad Science and Amino Payments, which he founded. In his new role, he will focus on driving innovation and ensuring that Xpoint remains at the forefront of geolocation and compliance solutions in the iGaming sector.
Agrawal brings over 25 years of experience in technology leadership, most recently serving as VP of Technology at PointsBet, where he advanced the development of the sportsbook and casino platform, built a global engineering team and integrated multiple technology partners, including geolocation providers.
His extensive background also includes being CTO at FaceOff and senior technology roles at Jump Ramp Games and High 5 Games. He will lead the Xpoint engineering team, focusing on operational excellence and the continued development of the supplier’s geolocation technology.
Manu Gambhir, CEO of Xpoint, said: “We are excited to promote Chris to CTO and welcome Rahul as our VP of Engineering.
“Chris has been an integral part of Xpoint’s success and his promotion to CTO is a natural progression as we continue to evolve. Rahul’s extensive experience in building and scaling technology platforms will complement Chris’s leadership and together, their expertise will drive the next phase of innovation for Xpoint as we continue to lead the geolocation and compliance space in the iGaming industry.”
Gate.io and AWS’s ‘Gateway to Championships’ Brings Blockchain to the Forefront with FC Internazionale Milano Partnership
Record Progressive Jackpot at Over $2 Million and Climbing Up for Grabs at Seminole Hard Rock Hotel & Casino Hollywood
Xpoint Appoints Chris Chapman as CTO and Rahul Agrawal as VP of Engineering
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