Report: 56% of British public view cryptocurrency trading as form of gambling
Gamban-commissioned survey finds close link between gambling and trading as it pledges to restrict access for users
More than half of the British public consider cryptocurrency trading as a form of gambling, according to a new study.
Research from gambling blocking software company Gamban has revealed that 56% of people would deem cryptocurrency trading as a type of gambling.
Additionally, the research also found that 48% of the public also consider stock trading as a form of gambling too.
The study also references several academic papers, including a study by Mills et al (2019), that revealed more than 50% of regular gamblers had traded cryptocurrencies in the previous year, with this being associated with an increased risk of problem gambling and mental health issues.
Jack Symons, Gamban CEO, said the purpose of the study was to understand what other volatile industries could come under the remit of gambling to better protect consumers.
He said: “The aim of this research was to help us understand whether different types of trading are considered gambling.
“In a world where the lure of immediate gratification through digital platforms is increasingly tempting, it’s important that we take appropriate steps to ensure our users are protected from any activities that closely resemble gambling.
“Understanding whether the content we block should expand beyond the traditional forms of gambling will allow us to better protect our users. As well as this, we can then begin to provide recommendations on reducing gambling harm,” he added.
Symons went on to state the report’s results, coupled with the literature referenced, indicated shared characteristics between gambling and trading and that Gamban would move to restrict these platforms for its users in future.
He continued: “The results of our research, paired with current available literature, indicates that trading and gambling share similar characteristics and that some forms of trading may be closely linked with gambling harm.
“Problem gamblers may be at risk when exposed to different forms of online trading. More volatile forms of trading, like cryptocurrency and stock trading, are more akin to betting than investing.
“So as of next month we intend to restrict access to platforms that offer these more volatile forms of trading to benefit the recovery journey of Gamban users,” he concluded.