The effects of financially focused self-concept and gambling motives on the relationships between cryptocurrency trading, day trading, and gambling

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Author(s): Louderback, Eric R. ; McCullock, Seth P. ; LaPlante, Debi A.

Journal: Journal of Gambling Studies

Year Published: 2024

Date Added: February 26, 2025

Cryptocurrency trading and day trading have gained significant attention recently. Research has noted similarities between both activities and gambling behaviour. However, few studies have closely examined the associations between cryptocurrency trading, day trading, and gambling. The present study aimed to investigate the relationships between gambling, cryptocurrency trading, and day trading. Moreover, the effects of having a financially focused self-concept and gambling motives were also examined.

A total of 822 people were surveyed. The majority reported no cryptocurrency or day trading in the past year. The results indicated gambling frequency and higher-risk gambling were associated with cryptocurrency trading and day trading. Furthermore, these relationships were intensified in people with a financially focused self-concept, as well as coping, enhancement, and social motives for gambling.

Citation: Louderback, E. R., McCullock, S. P., & LaPlante, D. A. (2024). Cryptocurrency trading, day trading, and gambling behavior: Examining the moderating effect of financially focused self-concept and gambling motives. Journal of Gambling Studies. Advance online publication. https://doi.org/10.1007/s10899-024-10343-1

Article DOI: https://doi.org/10.1007/s10899-024-10343-1

Keywords: cryptocurrency ; gambling ; gambling behaviours ; gambling motivations ; stock market

Conceptual Framework Factors: Psychological - Self-Perceptions ; Psychological Factors ; Types - Motivational Characteristics ; Gambling Exposure

Study Design: Descriptive: Survey

Geographic Coverage: United States of America

Study Population: Participants were adults aged 21 and over residing in the United States. This study comprised a final sample of 822 people who were recruited through CloudResearch.

Sampling Procedure: Participants were recruited through CloudResearch, a third-party company linked with Amazon Mechanical Turk (MTurk). All participants were 21 years of age or older, and were required to have a ReCAPTCHA score of 0.5 or greater and to pass attention checks to be included in the final sample.

Study Funding:

This study was funded through a research contract between the Division of Addiction and DraftKings Inc., a large gambling operator in USA.