Session Title

Session 1-4-E: Online Betting: New Perspectives

Presentation Type

Paper Presentation

Location

Park MGM, Las Vegas, NV

Start Date

23-5-2023 3:45 PM

End Date

23-5-2023 5:15 PM

Disciplines

Social History | Sociology

Abstract

Cryptocurrency trading is an action of selling and/or buying of virtual or digital currencies for profit. The value of many cryptocurrencies has fluctuated greatly, which has led to enormous winnings and losses for some traders. The presentation focuses on the similarities and differences in discourses and practices towards crypto trading and gambling. In addition, the presentation discusses why scholars of gambling should pay closer attention to cryptocurrency trading and the consequences it may have for the gambling industry and regulation. Historical examples of previous divisions between gambling, finance, and speculation are also presented.

The presentation is based on an Internet poll made by the Finnish Association for Substance Abuse Prevention EHYT and the Sosped Foundation in 2022. 137 persons answered the poll of whom 88 % were cryptotraders and 12 % persons who confronted crypto traders either in their work or in their voluntary work. 78 % of respondents were men and age ranged from 15-74 year olds.

Many respondents acknowledge that there are many similarities between crypto trading and gambling but some claim that crypto trading is a totally new way of investing and earning money and seem to reject the possible risks. Thus, preventing crypto trading harm may prove difficult. Implications: The presentation offers insights into a convergence of cryptos and gambling which is of interest to the regulators, industry, harm prevention parties and researchers. The data is the first data collected in Finland regarding crypto traders’ perceptions of similarities and differences between gambling and crypto trading

Keywords

crypto trading, crypto currencies, gambling, gambling harm, convergence

Author Bios

Riitta Matilainen has a PhD in social sciences from the University of Helsinki, Finland (2017). She is an economic and social historian who specializes in the history of gambling and in the methodological questions concerning class and gender in gambling studies. Riitta currently works as a Head of Gambling Harm Prevention Unit at EHYT Finnish Association for Substance Abuse Prevention.

Jani Kinnunen, PhD, has worked as a researcher in Tampere University’s Game Research Lab since 2007. He is interested in the convergence processes between gambling and digital gaming, and social meanings of money and other gaming currencies.

Funding Sources

Riitta Matilainen has worked since April 2020 for a Finnish NGO that gets its funding via Funding Centre for Social Welfare and Health Organisations (STEA). Matilainen has not received any individual grants during that time. The funding body has not had any involvement in the any aspects of the research. Jani Kinnunen had funding from The Finnish Foundation for Alcohol Studies in 2021-2022. He has been working in the Centre of Excellence in Game Culture Studies, which is funded by the Academy of Finland. These funding bodies have not had any involvement in any aspects of the research.

Competing Interests

Riitta Matilainen has no competing interests. She has worked since April 2020 for a Finnish NGO that gets its funding via Funding Centre for Social Welfare and Health Organisations (STEA). Matilainen has not received any individual grants during that time. Before April 2020 Matilainen worked as a post-doctoral researcher at the University of Helsinki, Finland. Jani Kinnunen has no competing interests. He had funding from The Finnish Foundation for Alcohol Studies in 2021-2022. He has been working in the Centre of Excellence in Game Culture Studies, which is funded by the Academy of Finland. These funding bodies have not had any involvement in any aspects of the research.

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May 23rd, 3:45 PM May 23rd, 5:15 PM

Similarities and differences in crypto trading and gambling discourses and practices: why should scholars of gambling be interested?

Park MGM, Las Vegas, NV

Cryptocurrency trading is an action of selling and/or buying of virtual or digital currencies for profit. The value of many cryptocurrencies has fluctuated greatly, which has led to enormous winnings and losses for some traders. The presentation focuses on the similarities and differences in discourses and practices towards crypto trading and gambling. In addition, the presentation discusses why scholars of gambling should pay closer attention to cryptocurrency trading and the consequences it may have for the gambling industry and regulation. Historical examples of previous divisions between gambling, finance, and speculation are also presented.

The presentation is based on an Internet poll made by the Finnish Association for Substance Abuse Prevention EHYT and the Sosped Foundation in 2022. 137 persons answered the poll of whom 88 % were cryptotraders and 12 % persons who confronted crypto traders either in their work or in their voluntary work. 78 % of respondents were men and age ranged from 15-74 year olds.

Many respondents acknowledge that there are many similarities between crypto trading and gambling but some claim that crypto trading is a totally new way of investing and earning money and seem to reject the possible risks. Thus, preventing crypto trading harm may prove difficult. Implications: The presentation offers insights into a convergence of cryptos and gambling which is of interest to the regulators, industry, harm prevention parties and researchers. The data is the first data collected in Finland regarding crypto traders’ perceptions of similarities and differences between gambling and crypto trading