Not long ago, gambling addiction was associated with casinos, slot machines, and sports betting. Today, the interface has changed. Instead of neon lights and chips, we have brokerage apps, crypto exchanges, and social trading feeds. The behavior, however, remains strikingly similar.
We live in an era where speculation has become a mass activity. Market access takes minutes. Leverage is available in a single click. The “buy” button looks safer than a roulette wheel. Yet the engagement mechanics often mirror those of traditional gambling.
The Scale of the Problem: What Research Shows
According to the National Council on Problem Gambling (NCPG), around 2 million adults in the United States meet the criteria for severe gambling disorder, while an additional 4–6 million are considered at risk. Following the legalization of online betting in several states, hotline calls surged significantly.
A 2023 study by the University of Bristol found that active day traders display a statistically higher prevalence of problematic gambling behaviors compared to the general population. Researchers highlighted strong behavioral similarities between day trading and gambling.
The European Securities and Markets Authority (ESMA) reports that between 74% and 89% of retail clients lose money when trading CFDs. This is why European regulators require brokers to disclose the percentage of losing accounts directly on their websites.
In crypto markets, the data is equally revealing. According to the Chainalysis Crypto Crime Report 2024, users lost over $24 billion in 2023 due to crypto scams, hacks, and fraud schemes. These figures are derived from on-chain analytics, not anecdotal claims.
The statistics do not support the myth of “easy money.” They consistently confirm systemic losses among the majority of participants.
Why Investing Turns Into a Game
Modern trading platforms incorporate features that intensify engagement:
- push notifications about price movements
- instant order execution
- leveraged trading
- social feeds showcasing “successful” trades
- rankings and competitive elements
Behavioral economics has long described overconfidence bias and the illusion of control. The work of Daniel Kahneman and others demonstrates that individuals systematically overestimate their ability to predict market movements.
When combined with variable rewards, this creates a dopamine-driven feedback loop similar to gambling. Small profits increase confidence. Large losses trigger the urge to “win it back.” Leverage accelerates both gains and capital destruction.
Broker Business Models and Conflicts of Interest
Brokers primarily earn through turnover: commissions, spreads, and margin interest. The more actively a client trades, the higher the revenue for the intermediary.
Reports from FINRA indicate that high trading frequency increases transaction costs and reduces long-term returns for retail investors. Activity benefits the platform, but not necessarily the client.
This does not imply that brokers deliberately aim to bankrupt users. However, their economic incentives are not fully aligned with the retail trader’s goal of steady capital growth.
Crypto Markets: Regulation or the Wild West?
Traditional stock markets have decades of regulatory development behind them. Crypto markets expanded in just a few years.
On one hand, institutional frameworks are emerging:
- the EU has adopted MiCA;
- U.S. regulators such as the SEC and CFTC are increasing oversight;
- major exchanges pursue licensing and implement KYC/AML procedures.
On the other hand:
- new meme coins appear daily;
- tokens launch without audits;
- marketing often revolves around promises of exponential gains;
- a significant portion of infrastructure remains offshore.
According to Chainalysis, the relative share of outright scams has declined since the 2021 peak, yet absolute loss figures remain substantial. This is no longer a fully unregulated frontier, but it is far from a mature financial ecosystem. We are in a transitional phase.
Social Consequences
Gambling disorder is officially recognized by the American Psychiatric Association. It is associated with debt accumulation, depression, anxiety disorders, and family breakdown.
When speculative trading becomes a массов strategy to “get rich faster,” capital tends to shift from the majority to a minority. Wealthy and institutional players possess informational and structural advantages. Retail participants often act emotionally.
This explains why statistics across CFDs, forex, and high-risk instruments consistently show that the majority loses.
Where the Line Is Drawn
It is crucial to distinguish between:
- long-term diversified investing
- entrepreneurial risk-taking
- short-term leveraged speculation
- behavioral addiction to trading itself
The issue is not markets per se. The issue is the widespread illusion of simplicity and the gamification of financial instruments.
We are clearly entering a phase of increased regulation. At the same time, we live in an era of unprecedented access to speculation. These two forces coexist.
Ludomania 3.0 does not require slot machines. A smartphone, a 20x leverage and a social feed where every second person posts "ixes" is enough.
The question is not whether it is possible to earn. It is.
The question is how many people are willing to admit that they are playing and not investing.
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