GamBan recently made headlines with the announcement that it will begin blocking cryptocurrency and stock trading platforms. Is this a case of overreach, or is there more to this decision?
Following numerous requests from customers, self-exclusion software giant, GamBan has announced its decision to add cryptocurrency and stock-trading platforms to its massive list of blocked sites.
Why the Drastic Move?
James Forman, a business intelligence officer at GamBan, recently stated:
"Gamban not only blocks all types of online gambling, including black market products & crypto but also trading websites."
At first glance, one may feel that this decision is an overreaction. After all, millions of people across the world have tried their hand at Bitcoin and stock-trading. For many, stock-trading and crypto should belong in the investment column, not on the gambling list.
GamBan, however, doesn’t see it that way. According to the organisation, stock trading can bring about behavioural traits similar to those seen in gambling.
While some do have a sound knowledge of the trading environment (and therefore make reasoned decisions), many individuals simply employ a ‘hit and miss’ strategy – not dissimilar from what one would find at a casino slot or blackjack table.
When this behaviour gets out of hand, stock trading and crypto platforms can become breeding grounds for gambling addiction. For this reason, GamBan considers these types of platforms a ‘gambling grey area’ and has blocked them to provide greater protection to players.
GamBan believes that taking this step gives players a better chance at recovery.
Verdict: A Wise Call
Another important factor to consider is that customers have requested this change. This indicates that GamBan took this decision based, not only on a theoretical hypothesis but based on actual concrete evidence.
There are now several studies pointing to the rise in people seeking help for trading-related addiction. With this kind of evidence in tow, GamBan’s move seems all the more reasonable.
Following the proliferation of stock trading sites and cryptocurrency platforms, the number of users grows every day. The recent COVID-19 crisis and the ensuing lockdown period has seen a spike in the number of users on both cryptocurrency platforms and day trading platforms.
With such massive growth comes the increased possibility of addiction. Korea presents a prime example of this fact: over the past few months, the country has seen the number of day traders seeking help for gambling addiction almost triple in number.
Given all of these factors, it would seem that GamBan’s move is not only a wise one; it is also a necessary one. The company has taken this step in the interests of protecting its customers. Other self-exclusion entities are sure to follow suit.
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