Gambling streams on platforms such as Twitch have gained popularity in recent years, but no prior research has examined their psychological effects on people who gamble. Given the intense and cue-laden nature of these streams, watching gambling streams may trigger cravings to gamble among gamblers. At the same time, gamblers may be motivated to watch gambling streams in an attempt to regulate their cravings. In Study 1, we recruited people who had gambled in the past 3 months, to compare a group of gambling stream viewers (n = 221) with non-viewers (n = 642). Gamblers who watched gambling streams were younger, more likely to identify as men, and displayed higher levels of problem gambling, and gambling cravings, compared to non-viewers. In Study 2 (n = 271 gambling stream viewers), we examined whether problem gambling was associated with the motivation to use gambling streams to regulate cravings, and with cravings elicited by watching gambling streams. Problem gambling severity was correlated with both regulation motives and evoked craving. In a moderation analysis, the relationship between problem gambling severity and evoked craving was buffered by regulation motives. These findings link the viewing of gambling streams with problematic gambling involvement, as seen for other emerging gambling-like activities. Gambling streams can elicit cravings among gamblers, and as a function of problematic involvement, but emotion regulation strategies – which can be trained – may moderate these triggering effects.