Is Cryptocurrency a gamble?

Many people think of cryptocurrency as gambling Checking in on crypto value changes on the apps can be habit-forming. Buying crypto is very high-risk. For example, values can change a lot based on unpredictable factors like influencer tips. Unlike traditional trading, crypto (and online gambling) is available 24/7.

fastforward.org.uk - Cryptocurrency: What is it, and is it linked to gambling? - Fast Forward

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Cryptocurrency: What is it, and is it linked to gambling?

In this post, we explain what cryptocurrency is, and its connections to gambling. Cryptocurrency is an increasingly visible and mainstream product. It’s endorsed by celebrities, and is heavily promoted by influencers on TikTok, YouTube, and other social media. It’s also popular with young people – nearly a fifth of 16-24 year olds report owning crypto. However, cryptocurrency is also poorly understood and controversial. Here we give a brief explainer of what crypto is, and its connections to gambling and gambling harm.

What is cryptocurrency?

Cryptocurrency is a digital form of money that uses encryption to keep transactions secure. Cryptocurrency is also sometimes called cryptoassets or simply ‘crypto’. There are many different forms of crypto. The most popular are transferrable coins like Bitcoin, Ethereum, or Ripple. Cryptocurrencies are not regulated in the UK. This means that you are unlikely to have any protection if something goes wrong – for example, if the platform that holds them or exchanges them goes out of business. The value of cryptocurrencies can rise or fall sharply. The marketplace is also a target for fraud and scams. As a result, the Financial Conduct Authority (FCA) considers crypto investments to be very high risk: If you invest in cryptoassets, you should be prepared to lose all your money.

Cryptocurrency and gambling

So how are crypto and gambling connected?

Many people think of cryptocurrency as gambling

Trading crypto is very high-risk, but crypto apps can make it feel easy and exciting in a similar way to gamified online gambling apps. Recent research conducted by Gamban and Solent University found that over half of adults (56%) consider crypto trading as a form of gambling. This makes sense as crypto and gambling – especially online gambling – have some similarities: High speed Both crypto and some online gambling products are fast-paced. The value of crypto is volatile, and can boom or bust quickly. Both crypto and some online gambling products are fast-paced. The value of crypto is volatile, and can boom or bust quickly. High event frequency

For example, people can stake money on crypto or slots relatively quickly.

For example, people can stake money on crypto or slots relatively quickly. Repetitive

Checking in on crypto value changes on the apps can be habit-forming.

Checking in on crypto value changes on the apps can be habit-forming. Chance-based Buying crypto is very high-risk. For example, values can change a lot based on unpredictable factors like influencer tips. Buying crypto is very high-risk. For example, values can change a lot based on unpredictable factors like influencer tips. 24 hour availability Unlike traditional trading, crypto (and online gambling) is available 24/7. People may use crypto to gamble online Cryptocurrency is increasingly used in ‘crypto casinos’ to gamble online, which allows players to remain anonymous and means no banks are involved. As a result, it’s also difficult to regulate these forms of gambling, and to protect players from experiencing harm. People experiencing gambling harm are more likely to trade crypto Unfortunately, trading cryptocurrency is ‘strongly associated with problem gambling severity‘. This means that people already experiencing some level of harm from gambling are more likely to engage with crypto.

Want to learn more?

This summer, we’re offering a special topic webinar on ‘Cryptocurrency and Gambling’. We’re also hosting a Scottish Gambling Education Network meeting on ‘New Technologies in Gambling’, including cryptocurrency and potential harms. Visit the Hub’s Eventbrite page to learn more and register your free place!

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What is a PowerHit System 9?

What is a PowerHit System entry and how does it work? A PowerHit System entry is a combination of a PowerHit ticket and a System ticket. This means that you play more numbers than the standard 7, PLUS you are guaranteed the Powerball. This ticket increases your chances of winning.

ozlotteries.com - Powerball PowerHit | Oz Lotteries

PowerHit by Oz Lotteries

What is a PowerHit ticket?

A PowerHit ticket increases your chance of winning Powerball by guaranteeing you the Powerball number. You’ll only have to choose (or QuickPick) 7 numbers from 1 to 35 and you won’t have to choose the Powerball number.

How do I win with a PowerHit?

To win Division 1 with a PowerHit, you only need to match your 7 main numbers to the main winning numbers for that draw, because you already have the Powerball. The 7 winning numbers may be in any order.

What is a PowerHit System entry and how does it work?

A PowerHit System entry is a combination of a PowerHit ticket and a System ticket. This means that you play more numbers than the standard 7, PLUS you are guaranteed the Powerball. This ticket increases your chances of winning. For example, the PowerHit System 8 is the equivalent of 8 PowerHit games, or 160 standard panels. To view the divisional prizes for each Powerhit System type view the System Entry Prize Tables.

Do I have better odds with a PowerHit ticket?

A PowerHit ticket increases your chances of winning. This type of entry allows players to increase their chances of winning a prize by guaranteeing the Powerball number.

How do you play PowerHit?

You choose 7 numbers from 1 to 35 this is used across 20 games – one for every possible Powerball number.

How much does a PowerHit cost?

The minimum PowerHit ticket costs $27.

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