Referencing the Commission's ban on credit card gambling, implemented in April, the CEO says the regulator is already taking an active role towards preventing problem gambling.

But McArthur says a "multi-sector partnership approach" will be much more effective in cutting to the root of the issue.

The Commission CEO said: "We want to work in partnership with the financial sector to find innovative ways to reduce gambling-related harm.

"We all have a part to play to protect vulnerable consumers. The financial sector has an important role to play.

"We have already seen the introduction by banks of gambling blocking software, together with the use of data to support customers affected by problem gambling."