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Gambling & Crypto: The Similarities You Shouldn’t Ignore

Have you ever heard the saying, “The house always wins?” Even though it’s commonly thrown around in Las Vegas, this phrase has expanded over the years to include a variety of other avenues, too — including investing in cryptocurrency. While gambling and crypto investing may seem completely different at first glance, there are some surprising similarities between gambling and crypto that you should be aware of, especially if you’re someone who has ever struggled with a gambling problem. Here’s what you should know:

Highs and Lows: The Thrill of the Unknown

One of the biggest similarities between gambling and crypto is the thrill of the unknown. When you place a bet on a roulette wheel or hit spin on a slot machine, you’re essentially putting your money on the line for a chance at a big win. The outcome is uncertain, and that uncertainty is part of what makes buying lottery tickets, playing blackjack, card trading, and other forms of gambling so exciting.

Similarly, the cryptocurrency market is known for its volatility. The value of cryptocurrencies can fluctuate wildly, and it’s often difficult to predict which way they’ll go. This volatility can be exhilarating for some people, but it’s also important to remember that it can lead to significant losses.

Making Money Fast: The Temptation of Easy Wins

Let’s face it: gambling and crypto can both be very tempting when it comes to the possibility of making a lot of money quickly. Stories abound of people who have struck it rich by placing a lucky bet or investing in the right cryptocurrency at the right time. These stories can be very alluring, especially for people who are looking for a way to improve their financial situation.

However, it’s important to remember that these stories are just that: stories. The reality is that both gambling and crypto are risky propositions. The chances of winning big are much slimmer than the chances of losing money.

Chasing Losses: The Slippery Slope

Here’s a scenario you might recognize:  You place a bet and lose. Frustrated, you place another bet, hoping to win back your losses. But you lose again. So you place another bet, and another, determined to come out ahead. This is a dangerous cycle that can happen with both gambling and crypto.

When you lose money gambling or investing in crypto, it’s tempting to try to win it back right away. This can lead to impulsive decisions and even larger losses. It’s important to remember that chasing losses is a recipe for disaster.

Accessibility

Cryptocurrency trading takes place almost exclusively online, while gambling can happen both in person and on the internet. This ease of access can lead to more frequent participation, which can be problematic for some people. Just as with online gambling, the ability to trade or invest in crypto anytime and from anywhere can lead to behaviors that can disrupt one’s financial stability and personal life. 

While it’s easy enough to figure out how to ban yourself from a casino, eliminating all digital temptations can be difficult. Try a tech detox or utilize content blockers on your devices if you can’t seem to fight the urge to engage in problem gambling or crypto trading.

Navigating the Waters Safely

Recognizing the similarities between gambling and cryptocurrency is vital for anyone involved in either activity. Awareness of these parallels helps in developing a balanced approach to risk-taking, ensuring that decisions are made thoughtfully and not driven by emotion alone. 

If you’re finding it difficult to control your gambling or crypto activity, there are resources available to help. You can contact a helpline like 800-GAMBLER for confidential support and guidance. Our toll-free helpline operates 24/7, and we are ready to provide you with essential resources for recovery.

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