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Cryptocurrencies, Stocks, Sports, and the Connection to Gambling

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.

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Some children may be gifted lottery tickets this holiday season, which means now is the time to have a conversation about the dangers of youth gambling with your child. Find fact sheets and discussion guides to prevent youth gambling at http://changethegameohio.org/education/education-for-parents.
#ChangeTheGameOhio

Concerned about your gambling habits or the habits of a loved one? Trained & understanding specialists will answer your call to the #ProblemGamblingHelpline 24/7 & offer free & confidential support. #MakeTheCall today at 18-00-589-9966 or text 4HOPE to 741741.
#BeforeYouBet

Lottery tickets might seem like an easy holiday gift for the kids in your life. But they aren’t child’s play. Lottery tickets may increase their risk for problem gambling. Get easy alternative gift ideas: https://bit.ly/3VENZko
#ChangeTheGameOhio #GiftResponsibly