YouGov survey suggests 43% of problem gamblers own cryptocurrency

By Gambling Insider

A recent survey by market research and analytics company YouGov has proposeda link between gambling, cryptocurrency and financial worries due to the cost of living crisis.

The survey, commissioned by gambling support charity GamCare to mark its 25th anniversary, looked at a sample group of 4,000 people from across the UK, for their views on gambling and financial issues.

According to the research, a concerning recent trend is a rise in high-risk trading and investing, particularly involving cryptocurrencies. The study found that 43% of problem gamblers own cryptocurrency, 66% of low-level problem gamblers looked to cryptocurrency trading to make money and that problem gamblers are more likely to report negative experiences with cryptocurrency.

GamCare Chief Executive Anna Hemmings said: “It is concerning to see the survey data, which suggests that those who have experienced serious gambling harms 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.”

Financial pressure resulting from the rising cost of living was another key issue revealed by the study. YouGov data found that 46% of participants in the study were worried or very worried about their financial situation. This figure rose to 61% in those who also reported significant gambling losses.

GamCare helpline advisors report callers gambling as a way of making extra money, hoping that it will improve their financial situation but only making it worse. Furthermore, advisors reported cases of callers who had recovered from gambling addiction relapsing due to the pressures of their financial difficulties.

GamCare’s latest annual figures showed that 75% of gamblers using the helpline reported financial difficulties, with 66% of them in debt. Of those in treatment for gambling issues, 80% reported financial difficulties with 66% in debt.

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