Longitudinal perspective on cryptocurrency trading and increased gambling problems: a 3 wave national survey study

Oksanen, Atte; Hagfors, Heli; Vuorinen, Ilkka; Savolainen, Ilkka

doi:10.1016/j.puhe.2022.10.002

Cited by 9 publications

(5 citation statements)

References 31 publications

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“…More generally, scholars have noted how cryptocurrency-although originally designed to be used for buying and selling goods and services-has taken on gambling-like features such as a high risk-reward ratio, and chance of financial ruin, as well as universal availability, which might introduce additional risks for users when compared to traditional markets, which are only open during the daytime hours (Johnson et al, 2023a;Oksanen et al, 2022a;Steinmetz, 2023).…”

Section: Preprint |mentioning

confidence: 99%

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Louderback,

McCullock,

LaPlante

2024

Preprint

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Background and Aims: Cryptocurrency and day trading have grown in popularity over the past decade following the creation of the first cryptocurrency, Bitcoin, in 2009. These activities share important features with gambling, including risking money on an uncertain outcome, a chance of monetary rewards, and the potential to experience harm (e.g., financial or relationship problems). However, little is known about cryptocurrency and day trading engagement in the adult population, including associations with gambling behavior, harm, and psychological factors that might moderate these relationships. Methods: We analyzed cross-sectional data for n = 822 adults from an online panel in the U.S. to examine: (1) the extent to which cryptocurrency trading, day trading, and gambling are associated, (2) relationships between cryptocurrency trading, day trading, and higher risk gambling, and (3) whether financially focused self-concept and four types of gambling motives moderate these relationships. Results: We found moderate to strong positive intercorrelations between cryptocurrency and day trading, and gambling behavior, including engagement and risk. We identified significant moderating effects of financially focused self-concept, and coping motives for gambling, on the relationship between cryptocurrency trading and gambling frequency, and between day trading and gambling frequency. For the models predicting higher risk gambling status, the only significant moderators were financially focused self-concept for the day trading model, and the enhancement motive for the cryptocurrency and day trading models. Conclusions: Our results have important implications for research on gambling-adjacent activities and gambling, as well as on the moderating roles of psychosocial concepts in these relationships.

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Section: Preprint |mentioning

confidence: 99%

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Louderback,

McCullock,

LaPlante

2024

Preprint

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“…Participants who tracked coin prices every hour or less, as well as those who reported trading daily, had significantly higher scores on the Pathological Trading Scale than the other groups. One longitudinal study found that changes in cryptocurrency trading predicted excessive gambling, which was also found to be more common amongst cryptocurrency traders (Oksanen et al 2022b). The study also found that rates of excessive gambling were significantly higher for participants who traded cryptocurrencies and gambled offshore.…”

Section: Behavioural Similarities Between Cryptocurrency Traders and ...mentioning

confidence: 99%

“…Study selection criteria included all peer-reviewed studies related to cryptocurrency trading, cryptocasinos and gambling-related harm. As of January 2023, there have been eight peerreviewed studies conducted on cryptocurrency trading and its associations to gambling and gambling-related harm (Delfabbro et al 2021a;Johnson et al 2023;Kim et al 2020;Mills and Nower 2019;Oksanen et al 2022aOksanen et al , 2022bPhilander 2023;Sonkurt and Altınöz 2021;Steinmetz 2023). Additionally, seven peer-reviewed studies have been published on cryptocasinos with a focus on safer gambling features, gambling behaviour and/or policy and regulation (Brown 2022;Andrade et al 2022;Newall and Andrade 2022;Owens and Lavitch 2013), three of which focused on the less popular Dapps (Gainsbury and Blaszczynski 2017;Meng and Fu 2020;Scholten et al 2020), blockchain casinos that have remained largely theoretical when compared to widely popular web-based cryptocasinos, such as 'stake.com'.…”

Section: Introductionmentioning

confidence: 99%

Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling

Andrade

Newall

2023

Risks

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Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers and policymakers should continue to monitor developments in this fast-moving space.

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“…For example, poor mental health, illusions of control, fear of missing out, and preoccupation/excessive engagement have been identified as potential risk factors associated with cryptocurrency trading Johnson, Stjepanović, Leung, Sun, & Chan, 2023). There is also a positive relationship between engagement with cryptocurrency trading frequency and higher self-reported problem gambling scores (Delfabbro, King, & Williams, & Georgiou, 2021;Johnson et al, 2022;Mills & Nower, 2019;Oksanen, Hagfors, Vuorinen, & Savolainen, 2022). Consequently, cryptocurrency trading is commonly referred to as a 'gambling-like' activity within the emergent literature (Delfabbro & King, 2023;Newall & Xiao, 2021;Oksanen, Mantere, Vuorinen, & Savolainen, 2022).…”

Section: Introductionmentioning

confidence: 99%

“…A new wave of mobilebased financial trading apps allow users to trade these conventional financial assets, and also often cryptocurrencies as well (therefore meaning that some financial trading apps are associated with cryptocurrencies as well). Frequent financial trading has also been positively correlated with problem gambling Grégoire et al, 2023;Mosenhauer, Newall, & Walasek, 2021;Oksanen, Hagfors, et al, 2022), and bears similarities with gambling in that the high transaction costs created by trading means that most highfrequency personal traders lose money over time, which is another core similarity with gambling . However, no empirical research has been conducted to examine the frequency of either cryptocurrency and financial trading app marketing exposure in UK football.…”

Section: Introductionmentioning

confidence: 99%

Gambling, cryptocurrency, and financial trading app marketing in English Premier League football: a frequency analysis of in-game logos

Torrance¹,

ANDRADE²,

Newall³

2023

Preprint

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The gamblification of UK football has resulted in a proliferation of in-game marketing associated with gambling and gambling-like products such as cryptocurrencies and financial trading apps. The English Premier League (EPL) has in response banned gambling logos on shirt-fronts from 2026 onward. But this ban does not affect other types of marketing for gambling (e.g., sleeves and pitch-side hoardings), nor gambling-like products. This study therefore aimed to assess the ban’s implied overall reduction of different types of marketing exposure. We performed a frequency analysis of relevant logos in the EPL associated with gambling, cryptocurrency, and financial trading across 10 broadcasts from the 2022/23 EPL season. For each relevant logo, we coded: the marketed product, the associated brand, the number of individual logos, logo location, logo duration, and whether harm-reduction content was present. There were 20,941 relevant logos across the 10 broadcasts, of which 13,427 (64.1%) were for gambling only, 2,236 (10.7%) were for both gambling and cryptocurrency, 2,014 (9.6%) were for cryptocurrency only, 2,068 (9.9%) were for both cryptocurrency and financial trading, and 1,196 (5.7%) were for financial trading only. There were 1,075 shirt-front gambling-associated logos, representing 6.9% of all gambling-associated logos, and 5.1% of all logos combined. Pitch-side hoardings were the most frequent marketing location (52.3%), and 3.4% of logos contained harm-reduction content. Brand logos associated with gambling, cryptocurrency, and financial trading are common within EPL broadcasts. Approximately 1 in 20 gambling and gambling-like logos are subject to the EPL’s voluntary ban on shirt-front gambling sponsorship.

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Longitudinal perspective on cryptocurrency trading and increased gambling problems: a 3 wave national survey study

Cited by 9 publications

References 31 publications

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling

Gambling, cryptocurrency, and financial trading app marketing in English Premier League football: a frequency analysis of in-game logos

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