RGC urges Canada’s financial sector to help mitigate problem gambling
The Responsible Gambling Council (RGC) is calling on Canada’s financial institutions to take a larger role in reducing gambling-related financial harm. In a white paper released by the organisation, it noted that banks and credit unions are particularly positioned to identify early warning signs of problematic gambling behaviour. According to the RGC, financial institutions already have access to transaction data that can reveal patterns of financial distress, including shrinking savings, repeated overdraft use, and rising dependence on credit.
Financial institutions called to action
The RGC believes Canadian banks could play a more proactive role by introducing tools designed to help customers manage gambling spend before financial problems escalate. The organisation pointed to examples from overseas markets where financial institutions have already adopted preventative measures.
Banks, including Monzo and Starling in the United Kingdom, offer voluntary gambling transaction blocks, allowing customers to restrict gambling-related payments directly through their banking apps. Australia’s National Australia Bank also provides dedicated support pages and access to financial counselling resources.
Tracy Parker, senior vice president of accreditation, advisory, and insights at the RGC, said the rapid growth of regulated gambling in Canada requires financial systems to evolve alongside the industry. According to Parker, Canadian banks have an opportunity to become leaders in customer financial protection by adopting tools already tested in other jurisdictions.
The whitepaper also recommends improving the accuracy of Merchant Category Codes to identify gambling transactions better. The RGC said clearer transaction tracking could help institutions recognise harmful spending patterns earlier.
Pushing for stronger consumer protection measures
Beyond transaction monitoring, the RGC is encouraging banks and credit unions to introduce voluntary spending caps and personalised monthly gambling limits. It also wants financial institutions to integrate support messaging and responsible gambling resources directly into digital banking platforms.
The commission said it is prepared to work alongside Canada’s financial sector to develop evidence-based safeguards and consumer protection tools as the country’s gambling landscape continues to change.
What this means
Industry commentator Allan Asava says:
“The RGC’s proposal broadens responsibility for gambling harm beyond operators and regulators. If Canadian banks adopt spending blocks and risk-detection tools, consumer protection could become more preventive than reactive. Financial institutions may soon play a direct role in identifying harmful gambling behaviour before it develops into financial distress.”
