July 2, 2022
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Be ready to lose all your money in crypto, EU regulators warn

Some Brits turn to gambling, crypto to make ends meet, charity warns

LONDON — Britain’s worsening cost-of-living squeeze is pushing some folks into playing and cryptocurrency investments in last-ditch makes an attempt to make ends meet, a playing charity warned on Thursday.

GamCare stated it had more and more acquired calls from folks receiving state welfare funds who had gambled within the hope they may cowl hovering vitality and meals payments, and misplaced.

The charity reported that some individuals who it had helped efficiently up to now had relapsed into playing once more beneath the rising monetary stress.

British households are grappling with the very best fee of inflation out of the Group of Seven superior economies, which hit a brand new 40-year excessive of 9.1% in Might. The Financial institution of England has warned of inflation exceeding 11% by October.

A YouGov survey of greater than 4,000 folks commissioned by GamCare and printed on Thursday confirmed 46% have been fearful about their monetary scenario.

Greater than half of these polled stated that they had gambled over the previous 12 months, and most of this group had misplaced cash.

“Our helpline advisers are hearing that the cost of living is impacting people’s gambling behaviors — particularly those gamblers who have recovered,” stated Anna Hemmings, chief government of GamCare.

“We also know that our team are hearing from more and more people who are reaching out for help around crypto trading.”

Somebody who paid in sterling to put money into Bitcoin six months in the past to assist hedge towards the rising price of residing would have misplaced 55% of their funding as of Thursday.

GamCare stated 43% of downside gamblers had invested in cryptocurrency, and 25% out of this group stated they needed to make investments extra to chase losses — in contrast with solely 7% of the broader inhabitants of crypto traders. — Reuters

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