Now that crypto gambling sites, crypto betting platforms, and crypto casino games are constantly at the forefront of worldwide attention due to the tremendous growth of cryptocurrency gambling, it is imperative to make some things clear so as to avoid misinterpretations of alleged risks associated with crypto gambling.
Crypto gambling does not relate to problem gambling
Distinguishing between crypto gambling and problem gambling now seems a very important thing to do, considering that there is a general confusion and misconception of what crypto gambling is and how it relates (actually, if it relates) to problem gambling, addictive behavior, which quite justifiably is the focus of attention of policymakers and gambling industry regulators.
Some recent research studies revealed that crypto users have far greater chances of becoming addicted to crypto trading and gradually developing behaviors that resemble problem gambling behavior.
These studies have pointed out that crypto users who are involved in crypto trading can generally become so obsessed with continuously monitoring prices, checking for ups and downs, investing more and more in chasing after losses, and generally spending far more than they can afford in their trading investments, that they can be parallelled to the problem, addicted gamblers, who gradually let gambling interfere with the quality of their everyday lives and routines.
Other studies have presented crypto users as purely profit-seeking people, who are not actually investing in any real asset, but they are gambling with digital assets and digital currencies, expecting to get profits and being unable to realize the risks inherent in a non-tangible ecosystem that surrounds cryptos.
Both these views have earned widespread attention, especially with regard to making explicit, negative links between cryptocurrencies and gambling or betting. But the truth is that they are far from being actually connected to gambling and/or betting, and they are far from implying that cryptos are in an implicit or more clear-cut way related to problem gambling.
What exactly is crypto gambling?
People often misunderstand crypto gambling, especially as the term itself does render such a misconception. Crypto gambling, in almost all cases today, means using cryptocurrencies in transacting with gambling establishments, online gambling platforms, betting sites, and online bookmakers. Cryptos are not the object of gambling but the means for the gamble. In fact, bettors use cryptocurrencies to implement transactions and make payments to online bitcoin casinos, let’s say, and/or withdraw winnings. It is a method of transaction more than it is a bet itself.
So, attributing problem gambling antecedents to crypto gambling is, by definition and, by nature, flawed. Since crypto gambling has to do with using cryptocurrencies to facilitate transactions, then it can’t be a source of the problem, addictive gambling behavior.
The growth of crypto gambling has been the result of a growing need for bettors to ensure anonymity, transparency, speed, efficiency, and security in their transactions with online betting and gambling sites. So, bettors and gamblers alike use cryptos, particularly because of their built-in benefits and advantages, which overall improve the users’ betting experience, satisfaction, and ultimately entertainment and fun (which should, of course, be the main reasons for engaging in gambling from the start).
If we understand this, then the fears, the suspicion, and the hesitance in using cryptos for betting will eventually fade away, and we will be able to leverage the tremendous advantages that they have to offer.
Crypto gambling has nothing to do with problem gambling, and more to it, it has nothing to do with the object of gambling per se. It has to do with the method of payment and transaction, which makes gambling and betting easier, more convenient, quicker, more efficient, and safer.
Responsible gambling is not an issue of cryptos but an issue of gambling overall. Problem gambling and addictive behavior are not driven by cryptos or the use of cryptos. They are born from the gambling activity itself if it is not approached and practiced properly, cautiously, and carefully. So, don’t just fall into the fallacy of associating cryptos with problem gambling.