Gambling addiction campaigners have warned that young men trading cryptocurrency have begun to seek help for symptoms associated with problem gambling.
Barry Grant, project manager of Extern Problem Gambling, said he had not encountered the problem before the pandemic but that, over the past two years, four or five men — most of them young — had reported a loss of control over their crypto trading. Grant believes this may only be “the tip of the iceberg”.
“There are too many parallels with gambling and for people who have some of those personality traits, where they might become obsessive or compulsive about things, it’s bad news anyway,” he said.
Those that approached Grant presented with “classic gambling addiction progression”. “You dabble with it. You do something small, you’re having a bit of fun. Maybe you’re doing a bit of research about it. Then, you have a big win,” he said.
“Whether it’s backing horses, or slot machines or crypto, it doesn’t have to be a life-changing sum, it’s just something big enough to pique your interest.”
Advertisement
Grant said that while gambling websites and online casino spaces include information about safer and responsible gambling, the same resources were not available on cryptocurrency websites.
“For anybody who is going in a bit wide-eyed, it would concern me that there are no warnings there from the companies that sell the stuff,” he said.
The lack of safeguards mean it is “probably” more difficult to quit crypto than it is to kick a problem gambling habit, he said.
“If you’re in recovery from a gambling problem, I would give it a wide, wide berth,” he said. “It’s a 24/7 market, so it’s like doing in-play betting on a football match that never ends.”
Tony J O’Reilly, an addiction counsellor and author, has worked with “a couple of clients” who have presented with crypto trading addiction. “The big one I’m coming across in my work is that incessant checking of the patterns or believing that you have a system to beat the odds,” he said.
Advertisement
He said during talks with school students an increasing number of boys asked about crypto trading in question and answer sessions.
“People are asking, “Is it gambling?” And they’re actually educating myself on it as well,” he said.
Bitcoin did not respond to queries. Last month, the Central Bank issued a warning to the public against investing in cryptocurrency, citing the risks posed by market fluctuations and deregulation. Separately, gardai advised the public to be vigilant of cryptocurrency scams.
