Cryptocurrencies, Stocks, Sports, and the Connection to Gambling
Published: December 27, 2021
How do gambling habits differ between sports bettors, cryptocurrency traders, and individuals interested in both?
A recent study investigated this question by surveying 543 participants who reported that they gambled on sports or traded cryptocurrency at least once per month over the previous year. You can learn more about cryptocurrencies with this recent blog post from Before You Bet.
Participants in the study also completed the Problem Gambling Severity Index (PGSI). From that, researchers examined three groups of participants: Those who only gambled on sports, those who only traded cryptocurrency, and those who did both.
From the results, those who engaged in crypto trading and sports wagering were more likely to participate in casino card games, race betting, and slots than those who reported they were just interested in crypto trading or sports betting alone.
Participants who only traded cryptocurrencies were less likely to gamble on all activities and had the lowest problem gambling rates. In contrast, those who participated in both crypto trading and sports wagering had significantly higher problem gambling rates.
And lastly, stock trading wasn’t commonly done on its own, meaning that most who reported trading stocks also engaged in both crypto trading and sports betting.
This study shares something essential about individuals and their gambling activities. Those struggling with a problem are often not doing so in silos — their behaviors can interconnect with other activities that can potentially make the problem worse.
That’s why it’s important to recognize when gambling could become problematic. Below are a few of the common warning signs to look out for if you or someone you know might be struggling with gambling:
- Borrowing money to gamble
- Hiding bills or unpaid debts
- Hiding how much time and money is spent on gambling
For those who might be struggling with a problem with gambling, BeforeYouBet.org/get-help provides education resources, a quiz that gauges the at-risk levels for problem gambling, and more. Ohioans can also access the free, confidential, 24/7 helpline today by calling 1-800-589-9966 or by texting 4HOPE to 741741.