The phenomenon of cryptocurrency and its relations to gambling, gambling addiction treatment and prevention: A presentation and workshop in Graz, Austria
In November 2024, Dr. Steinmetz had the opportunity to contribute to the 14. Fachtag der Fachstelle Glücksspielsucht Steiermark in Graz, Austria—a specialist conference that brought together professionals from the fields of gambling addiction counselling, prevention, politics and economics. Organized by the Fachstelle Glücksspielsucht Steiermark, the event provided a vital platform for addressing both traditional and emerging issues in the domain of gambling-related harms. Among the various lectures and workshops offered, he was invited to present on the intersections between cryptocurrency and gambling, followed by an in-depth workshop that allowed for further exploration and critical discussion of this rapidly evolving topic.
His contribution was grounded in ongoing empirical research into the socio-technical developments around blockchain technologies, crypto assets, and their increasing relevance in gambling contexts. (Link to research area) The topic resonated strongly with the audience, as many participants—counsellors, prevention specialists, and social workers—are already beginning to encounter new forms of problematic behavior that do not fit neatly into existing categories of gambling addiction. Whether it’s compulsive trading of cryptocurrencies, the use of tokens in decentralized casinos, or the pursuit of quick profits in speculative online environments, these phenomena are pushing the boundaries of how we define and respond to gambling-related risks.
The presentation began by laying out a conceptual map of what cryptocurrencies are and how they function—demystifying blockchain technology, unpacking the role of different types of tokens, and discussing the broader digital infrastructures that enable these financial activities. With this technical foundation in place, we turned to the more nuanced question: how do these systems intersect with gambling behaviors?
As we explored in both the presentation and the subsequent workshop, there are striking parallels between cryptocurrency trading and gambling—particularly in the psychological mechanisms involved. The volatility of crypto markets, the constant feedback loops enabled by mobile apps, and the thrill of potential reward mirror the structural characteristics of many gambling products. Participants reflected on how these dynamics are increasingly present in the lives of those seeking help, especially younger individuals whose problematic behaviors often emerge first in digital financial spaces rather than in casinos or betting shops.
This event in Graz made clear that addiction support services are now confronted with a dual challenge: the persistence of traditional gambling-related harms and the rise of new, digitally mediated forms of risk-taking behavior. Both require careful reflection, adaptive methods, and an openness to interdisciplinary perspectives. By understanding the technological, social, and psychological dimensions of cryptocurrency use, practitioners are better equipped to respond to the evolving landscape of gambling-related harm.
We am deeply grateful to the Fachstelle Glücksspielsucht Steiermark for the invitation to speak and for curating such a thoughtful and multidimensional program. Events like the Fachtag play a crucial role in fostering critical dialogue, professional exchange, and the continuous development of our collective response to gambling harms—whether analogue or digital.