One in Three Crypto Investors Also Engages in Online Gambling
Research agency Centerdata, commissioned by the Dutch Ministry of Finance, conducted a study on cryptocurrency risks and found striking parallels with the iGaming sector.
Crypto and Gambling: Where Two Risky Worlds Meet
Investing for the Thrill
According to a survey of 7,000 respondents:
- 34% of crypto holders had gambled in the month prior to the survey
- 36% said they invested in crypto “for the thrill”
- 11% admitted to taking risky trades to “recover losses”
These behaviors closely mirror those of casino gamblers, suggesting similar decision-making patterns across both spaces.
Crypto Gambling Ban
Since October 2021, gambling with cryptocurrencies has been banned in the Netherlands. However, around 9% of participants continue to use digital assets for placing bets.
What Drives Crypto Investors?
Curiosity, Predictions, and Peer Influence
Survey participants listed the following motivations for investing:
- 50% — out of curiosity
- 36% — to “make a prediction”
- 36% — for the excitement
- 66% — were inspired by stories from friends
- 32% see friends as their main source of information
Interestingly, while 60% believe crypto makes finance more accessible, 36% underestimate the associated risks.
Modest Investments, High Expectations
| Metric | Value |
|---|---|
| Invested over €50,000 | 5% |
| Consider themselves more knowledgeable than average | 41% |
| Keep investing even after losses | 52% |
Overconfidence and persistence despite losses are further traits crypto investors share with gamblers.
Behavior and Habits of Crypto Holders
Engagement and Information Consumption
- 70% spend less than an hour per day on crypto-related activities
- 32% check prices more than once a day
- 31% receive push notifications about price changes
While 64% don’t follow crypto influencers, 42% have made investment decisions based on their advice.
47% believe influencers earn more from sponsorships than from actual trading.
Most Popular Cryptocurrencies
Respondents reported investing in:
- Bitcoin — 66%
- Ethereum — 47%
- Meme coins — 28%
39% consider crypto their primary investment vehicle.
Conclusion: The Thin Line Between Crypto and Gambling
The study highlights that crypto investments are increasingly taking on the characteristics of gambling. The behaviors, motivations, and attitudes toward risk among crypto investors often resemble those of gamblers.
Despite regulations, many continue to use digital currencies for gambling, and a significant portion invests for the emotional high rather than for long-term financial goals.