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Exploring the Link Between Gambling and Cryptocurrency Trading

Recently, researchers at the Center for Gambling Studies at Rutgers University-New Brunswick’s School of Social Work have discovered that there is a high correlation between disordered gambling (as a clinical diagnosis) and cryptocurrency trading. Based on results from their study, these experts claim that the overzealous trading of digital assets such as cryptocurrency can be considered to be a form of disordered or unhealthy gambling.

Published in the scientific journal Addictive Behaviors, the study goes on to unveil that the cryptocurrency market is known to attract people who struggle with unhealthy gambling habits. After examining 876 adults who were regular gamblers that had gambled at least monthly during the past year, researchers found that the respondents’ gambling habits showed that they expressed signs of an unhealthy obsession with cryptocurrency trading similar to those who struggle with forms of disordered gambling such as problem sports betting or casino gambling in AC.

A Closer Look

While it may be easy to say that gambling and cryptocurrency trading are not one and the same when looking on the surface, if you were to dive deeper into the topic, the link between the two becomes abundantly clear. During the same study, researchers found that over 50 percent of regular gamblers that were surveyed traded digital currencies in the past year, but did not see it as an investment opportunity — rather, they perceived it as an exciting risk-taking opportunity. Moreover, due to the trading market being unregulated, transactions being relatively anonymous, and the lack of social stigma associated with trading digital currencies, survey respondents associated cryptocurrency trading with offering them additional benefits.

Overall, it is important to note that experts in the field found that gamblers who trade both cryptocurrencies and high-risk stocks tend to suffer from depression and anxiety at a higher rate.

What Symptoms do Disordered Gamblers and Cryptocurrency Traders Share?

Those who have a gambling problem and those who struggle with unhealthy cryptocurrency trading habits exhibit many similar behaviors:

  • Usual Spending: Both disordered gamblers and disordered cryptocurrency traders are known to spend, borrow, or even steal large amounts of money on their gambling and online trading activities respectively.
  • Chasing the Rush: Like disordered gamblers, people who struggle with unhealthy cryptocurrency trading chase the losses in an effort to feel the rush of winning big again (or for the first time).  
  • Personality Changes: It is not uncommon for both disordered gamblers and disordered cryptocurrency traders to experience restlessness or irritability when attempting to cut down or stop unhealthy gambling and trading behaviors.

If you or a loved one is struggling to recover from disordered cryptocurrency trading or casino gambling in Atlantic City, don’t hesitate to contact the 800-GAMBLER helpline for free and confidential support and resources.

Source:
https://news.rutgers.edu/trading-cryptocurrency-problematic-regular-gamblers-rutgers-study-says/20190306#.XJAIuChKhPa
https://beincrypto.com/gambling-addiction-linked-to-cryptocurrency-trading/