Industry Analysis

Compulsive sports betting and cryptocurrency trading have a strong relationship, research

Those heavily involved with sports betting and other forms of gambling have been recorded transferring the same kind of ‘agency’ during their cryptocurrency trading activities. This has been revealed in a research done by Rutger University.

The researchers concentrated on finding whether there is a link between cryptocurrency trading and compulsive sports betting among other forms of gambling. The study attracted individuals who have been involved in monthly gambling activities in the past and were of the legal adult age.

The researchers observed that:

Cryptocurrency trading is strongly associated with problem gambling severity. Results from a linear regression with backwards elimination revealed that sports betting, daily fantasy sports, high-risk stock trading, and problem gambling severity contributed to frequent cryptocurrency trading in the past year, whereas gambling in on-land casinos contributed to less cryptocurrency trading.

Out of the close to 900 individuals who participated in the study, 50 percent indicated that they have been involved in cryptocurrency trading activities in the past. Compulsive sports betting and an addiction to cryptocurrency trading have been recorded as having the same effects on an individual.

In both cases, for example, the individual may exude high probability of making profits by being ‘more intelligent’ than the system, has a negative financial balance and portrays signs of depression and or anxiety.

Additionally, an individual addicted to crypto trading and or gambling is likely to cut his/her social ties, have difficulties in concentrating on any other task, or change what he/she used to enjoy before being addicted.

According to Devin Mills, a lead author, and as reported by Bitcoinist:

There is an alarming rate proportion of people who are ‘gambling’ on these cryptocurrency markets as they would gamble on horses or sports or slots. And it has the potential to get them into significant trouble.

In May 2018, CLN reported that Castle Craig Hospital in Britain has opened an addiction center specifically for those addicted to crypto trading activities. The hospital has been previously catering to alcohol, drugs, and gambling addicts.

Do you think crypto trading addiction has trapped addicts in a debt hole as they seek to recover losses?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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