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Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling

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Listed:
  • Maira Andrade

    (School of Psychology, University of East London, London E16 2RD, UK)

  • Philip W. S. Newall

    (School of Psychological Science, University of Bristol, Bristol BS8 1TU, UK)

Abstract

Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers and policymakers should continue to monitor developments in this fast-moving space.

Suggested Citation

  • Maira Andrade & Philip W. S. Newall, 2023. "Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling," Risks, MDPI, vol. 11(3), pages 1-14, February.
    • Handle: RePEc:gam:jrisks:v:11:y:2023:i:3:p:49-:d:1077135
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    References listed on IDEAS

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