Cryptocurrency, or “crypto”, is a digital currency that can be used to buy goods and services, or be traded for profit, with similarities with day trading on the stock market. Day trading itself is similar to gambling in some ways, and many day traders are also heavy bettors. Crypto trading is emerging as a similarly risky gambling-like activity. This week, The WAGER reviews a study by Paul Delfabbro and colleagues that investigated the gambling and stock trading habits of sports bettors, cryptocurrency traders, and people who do both.
What was the research question?
How do gambling habits, problem gambling rates, and prevalence of stock trading differ between sports bettors, crypto traders, and people who do both?
What did the researchers do?
The researchers surveyed 543 participants who reported gambling on sports or trading cryptocurrency at least once per month during the previous year. An international sample was recruited from the online platform Prolific and participants answered questions related to their gambling habits, crypto trading, and stock trading. Participants also completed the Problem Gambling Severity Index (PGSI). Then, the researchers compared three groups of participants: (1) those who only gambled on sports, (2) those who only traded cryptocurrency, and (3) those who did both.
What did they find?
Individuals who reported both crypto trading and sports wagering were more likely to have engaged in casino card games, race betting, and slots than those who reported either crypto trading or sports betting. Compared to sports bettors and those who did both, participants who only traded cryptocurrencies were less likely to gamble on all activities. The cryptocurrency-only group also had the lowest rates of moderate risk and problem gambling. Individuals who engaged in both crypto trading and sports wagering had significantly higher rates of moderate risk and problem gambling compared to sports bettors (see Figure). Importantly, however, 9.5% of the cryptocurrency-only group scored above the threshold for problem gambling on the PGSI, which is higher than the general population estimate of 0.5-2.0%. Stock trading was most likely to be reported by those who both traded cryptocurrency and wagered on sports.
Figure. Comparing the percent of participants in each group based on activities engaged in at least once per month during the past year whose PGSI score indicated moderate risk gambling or problem gambling. The difference between groups was statistically significant. Click image to enlarge.
Why do these findings matter?
The results show that crypto trading on its own is associated with increased problem gambling risk. Trading cryptocurrency also appears to amplify the risk of gambling alone, with those engaging in both activities most likely to experience gambling-related problems. Additionally, researchers have raised concerns that crypto trading has addictive qualities. Trading cryptocurrency is popular among gamblers, and should be incorporated into problem gambling screening and assessment protocols.
Every study has limitations. What are the limitations in this study?
This study was cross-sectional, so we cannot conclude whether trading cryptocurrency causes an increased risk for problem gambling or whether those already experiencing problem gambling have a greater inclination to engage in crypto trading. The study also relied on self-reported data, so participants might have under- or over-reported their actual gambling and/or crypto-related behaviors.
For more information:
Do you think you or someone you know has a gambling problem? Visit the National Council on Problem Gambling for screening tools and resources.
It’s been a busy late summer and early fall at MNAPG. We’re pleased to announce the
following additions to our staff.
Sonja Mertz, Community Educator Sonja joined MNAPG in August as our new community educator. She will provide an MNAPG presence at conferences and in various other outreach efforts.
Sonja worked as a prevention research specialist for the Minnesota Prevention Resource Center for four years and previously worked at the Hazelden Betty Ford Foundation. She brings a passion for sharing information with people so they’re educated and are aware of resources that can help them.
Sonja’s first impressions are that awareness about gambling addiction is an obstacle. “I think there is a big barrier of information and facts,” says Sonja. “Most people don’t even know what types of gambling are legal in Minnesota and I don’t think there’s a good understanding of what gambling disorder is. Ultimately, I think most people don’t know what they don’t know.”
Sonja received her Bachelor’s of Science in Sociology and Theater Arts at North Dakota State University and her Master’s of Library and Information Science at St. Catherine University. She previously worked in professional theatre as a stage manager.
Eboun Wibourn, Office Manager Eboun joined MNAPG in September as our new office manager. She will perform a variety of duties and help ensure that MNAPG runs smoothly.
Eboun has experience in operations, communications, podcasting and video production, and worked for more than ten years at the Minneapolis Television Network. She most recently worked at BCT Corporation.
Eboun is pleased to come back to the nonprofit world where she hopes she can make a difference in helping people. Eboun was raised in the Lao community, which has struggled an inordinate amount with gambling addiction, and is familiar with gambling addiction.
Minnesotans now have the ability to see how their gambling behavior compares with other residents of the North Star State. MNAPG now provides a survey that will provide both feedback and useful information.
The survey, produced in partnership with Evolution Health, provides information on a respondent’s gambling habits and attitudes in comparison with other Minnesotans. Survey takers are asked to provide their first names, basic demographic information and answers to questions about their level of engagement with gambling.
As answers are provided, a pie chart graph pops up so that the viewer can see how other Minnesotans participate in that particular form of gambling. The respondent will also receive a personalized report identifying where they fall in the problem gambling spectrum as well as tips and resources. The report is private and is not held by Evolution Health or MNAPG. Aggregate data will be collected and will not be identifiable by name, IP address or any other identifying method. Our hope is that as an individual is considering whether they are experiencing negative consequences relating to gambling that this will be the start of further personal awareness and opportunities to seek helpful resources. The survey can be found at HERE.
One of our goals is to educate mental health and substance use disorder providers about the need to screen for problem gambling among their clients and to encourage them to learn more about this addiction. As part of our mission, we travel to a variety of conferences, either presenting or exhibiting many of the resources we make available to the public. It’s an opportunity to have conversations and to learn what treatment providers are seeing on the front lines. Unfortunately, we learn — all too often — that those with problem gambling issues are not seeking the help available to them.
This quarter, we made presentations or presided over a table at:
• The Minnesota Alliance of Rural Addiction Treatment Programs conference in Wilmar
• The Faith and Addiction Conference in Bloomington
• The St. Louis County Health and Human Services Conference in Duluth
• The Minnesota Corrections Offices Conference in Nisswa
• The Minnesota Prevention Sharing Program Conference (virtual)
• The Minnesota Association of Resources for Recovery and Chemical Health (MARRCH) in St. Paul
• The St. Cloud StandDown (a program for Veterans), and
A Star Tribune article highlighting how youth sports organizations manage the complexities and risks of gambling to achieve lower participation fees, enhancements to their programs and more kids playing sports included comments from Susan Sheridan Tucker, executive director of MNAPG, emphasizing the need for gambler protection.
Pandemic, Technology and Gambling Expansion are Perfect Storm for Problem Gamblers
Susan Sheridan Tucker authored an Opinion in the September 24, 2021 edition of Minnesota Reformer. The commentary detailed the factors coming together to produce gambling addiction, including the COVID-19 pandemic, the expansion of legal gambling and technological advances that are making games more attractive than ever.
Sonja joined MNAPG in August as our new community educator. She will provide an MNAPG presence at conferences and in various other outreach efforts.
Eboun joined MNAPG in September as our new office manager. She will perform a variety of duties and help ensure that MNAPG runs smoothly.
