British Gamblers Skeptical of Crypto but Likely to Use It

A YouGov survey has assessed attitudes towards cryptocurrencies among the gambling and non-gambling population in Britain. 

Gamblers Take Dim View of Cryptocurrencies 

New research by YouGov has looked into gambling tendencies in British society and specifically focused on attitudes towards the use of cryptocurrencies, factoring in general knowledge of these digital assets as well as how they are perceived by gamblers and the general public. 

Based on the research, 17% of British gamblers were happy to consider and more likely to use cryptocurrencies in the next 12 months. In other words, around 11% of all British adults are prepared to make a move on cryptocurrencies.

The trend is even more interesting when you consider the fact that cryptocurrencies are shrouded in obscurity when it comes to their inner workings. When YouGov asked respondents how familiar they were with the concept of cryptocurrencies, 74% of the general public respondents said that they had no knowledge of crypto or how it worked.

The percentage is just a sliver higher among the gambling population, with 75% of gamblers admitting that they did not know how gambling cryptocurrencies work. Nevertheless, gamblers are happy to take a risk on currencies.

Lack of Understanding Leads to Negativism Towards Cryptocurrencies  

You would expect gamblers to be very welcoming to cryptocurrencies in general, as they have allowed many players to access casinos and sportsbooks quickly and without friction, but the opposite is actually true. It seems the lack of understanding of crypto is actually driving a fair share of gamblers to dismiss cryptocurrencies as not trustworthy enough.

According to YouGov numbers, that is nearly 54% of all respondents who said that cryptocurrencies could not be trusted. Then again, the general public was slightly more supportive of cryptocurrencies, with 52% arguing that crypto was suspicious.

Expectedly, the opposition diminished with younger gamblers, 13% of whom said that they would be very happy to replace their “bank account and use crypto instead,” YouGov explained in a press release. 

Gamblers also showed a greater tolerance towards risk, with 17% of all gamblers saying they are willing to take a punt on riskier investments in the stock market. The number fell to 12% for the general public, who seem to be a little warier when it came to taking on unjustified risks.