Amid COVID-19 Gamblers Head to the Trading Markets

A new wave of traders has entered into the markets, attracted by heightened volatility driven by the coronavirus pandemic. A number of demographics make up this new wave, including, an uptick in participants in the gambling sector.

As Finance Magnates previously analysed, the bump in new market participants includes first-time traders, dormant traders reconnecting with their investment portfolio and investors who previously only traded one asset class – such as equities, branching out into different assets.

However, there is also another section of new traders – gamblers, who haven’t been able to bet on professional sport as lock-down measures have postponed all sporting events around the world.

Gamblers heading to market is simple evolution

Speaking to Finance Magnates, Andrew Anastasiou, fintech entrepreneur and Founder of WireWallet, explained that there are essentially two reasons for why this trend is occurring: “it’s a simple evolution to turn to online trading. However, it would seem appropriate that the vast majority of Traders who have come to the industry from online casinos or sports betting will not stay long, as in general these individuals are either seeking the thrill of a win, or are used to placing a bet which is more calculated by chance as opposed to a financial calculation.

“This isn’t to say that individuals coming to online currency trading are not educated, but there is a clear divide between taking a calculated risk on a currency trade, and placing a bet on a sporting event or playing in an online casino.

“Also, being in lockdown has created quite a significant level of boredom and a change in lifestyle for most. Therefore, individuals would be looking for new ways to spend their time and with no sports events happening, the individuals would have been looking for somewhere to use their money and find some enjoyment.”


Reprint from Finance Magnates. All copyrights are reserved by the original author.