YouGov survey shows link between the worsening cost-of-living crisis and gambling
The survey commissioned by GamCare reveals people are being pushed toward gambling and investing in cryptocurrency to make ends meet
The recent YouGov survey of 4,000 individuals found that 46% were worried about their financial situation, and of those surveyed, more than half said they had gambled in the last year and had lost money.
British households are dealing with soaring inflation in the G7, which hit its highest level in 40 years of 9.1% last month.
This situation will likely worsen as the Bank of England warns that inflation could reach 11% by October 2022.
In the survey, the group of people who said they had lost a significant amount of money gambling also had a higher percentage when it came to being worried about their finances – 61%.
GamCare’s advisors have reported that a number of hotline callers on Universal Credit are gambling to try and make up any shortfall in their finances to pay the bills.
The advisors have also noticed that some callers who say they have recovered from gambling addictions have relapsed as the pressure on their finances worsens.
The charity has also noted a trend which is giving them cause for concern. GamCare has found that 43% of problem gamblers have invested in some form of cryptocurrency, and a quarter of that group said they would invest more to try and regain any money lost.
This compares to just 7% of the wider group who invest in cryptocurrency.
This is even more worrying when looking at the amount a cryptocurrency can fluctuate; for example, if someone invested in Bitcoin at the start of the year, it would have lost just over half its value at the time of writing.
Anna Hemmings, chief executive at GamCare, said: “Our helpline advisers are hearing that the cost of living is impacting people’s gambling behaviours, particularly those gamblers who have recovered.
“We also know that our team are hearing from more and more people who are reaching out for help around crypto trading.”
Hemmings added: “It is concerning to see the survey data, which suggests that those who have experienced serious gambling harm are more likely to experience negative impacts when crypto trading, such as chasing their losses, feeling overwhelmed and not being able to pay their bills.”