Not all traders gamble, but some gamblers trade: a latent class analysis of trading and gambling behaviors among retail investors
Coloma-Carmona, Ainhoa ; Carballo, José Luis ; Miró-Llinares, Fernando ; Carreras Aguerri, Jesús (Universidad de Zaragoza)
Resumen: Objectives: This study aimed to identify subgroups of retail investors based on their engagement in trading and gambling activities, and to examine differences in involvement, demographics, substance use, impulsivity, cognitive biases, problem gambling, and disordered trading.
Study design: Cross-sectional, population-based study using panel data. Quota sampling and post-stratification weights were applied using data from a prior population-based random digital dial telephone survey.
Methods: Data were collected from 1,429 Spanish adults (aged 18–64). Participants reported involvement in trading of 8 financial instruments (e.g., cryptocurrencies, stocks, ETFs) and 12 gambling (e.g., lotteries, sports betting) and gambling-like activities (e.g., loot boxes, skin betting). 28.6 % of respondents engaged in non- professional trading.
Results: Using weighted latent class analysis we identified three distinct subgroups of retail investors: crypto- traders (52.4 %), focused on cryptocurrency trading with minimal gambling; stock-traders (32 %), involved in stocks/ETFs and lotteries, and gambling-traders (15.6 %), heavily involved in high-risk trading and various gambling activities. Although gambling-traders were not the highest investors in terms of trading volume, this class exhibited the highest frequency of trading and gambling, impulsivity, gambling-related cognitive biases, rates of disordered trading, and illicit substance use. 24.9 % of gambling-traders scored for problem gambling (PGSI≥8), compared to 0.5 % of crypto-traders and 3.5 % of stock-traders. Conclusions: Not all retail investors seem to extend their gambling behaviors to financial markets; however, those with higher impulsive traits and gambling-related cognitive biases tend to combine trading with gambling. This combination is strongly associated with problem gambling and disordered trading.
Idioma: Inglés
DOI: 10.1016/j.puhe.2025.105742
Año: 2025
Publicado en: PUBLIC HEALTH 244 (2025), 105742 [9 p.]
ISSN: 0033-3506
Tipo y forma: Artículo (Versión definitiva)
Área (Departamento): Área Trabajo Social y Serv.Soc (Dpto. Psicología y Sociología)
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Study design: Cross-sectional, population-based study using panel data. Quota sampling and post-stratification weights were applied using data from a prior population-based random digital dial telephone survey.
Methods: Data were collected from 1,429 Spanish adults (aged 18–64). Participants reported involvement in trading of 8 financial instruments (e.g., cryptocurrencies, stocks, ETFs) and 12 gambling (e.g., lotteries, sports betting) and gambling-like activities (e.g., loot boxes, skin betting). 28.6 % of respondents engaged in non- professional trading.
Results: Using weighted latent class analysis we identified three distinct subgroups of retail investors: crypto- traders (52.4 %), focused on cryptocurrency trading with minimal gambling; stock-traders (32 %), involved in stocks/ETFs and lotteries, and gambling-traders (15.6 %), heavily involved in high-risk trading and various gambling activities. Although gambling-traders were not the highest investors in terms of trading volume, this class exhibited the highest frequency of trading and gambling, impulsivity, gambling-related cognitive biases, rates of disordered trading, and illicit substance use. 24.9 % of gambling-traders scored for problem gambling (PGSI≥8), compared to 0.5 % of crypto-traders and 3.5 % of stock-traders. Conclusions: Not all retail investors seem to extend their gambling behaviors to financial markets; however, those with higher impulsive traits and gambling-related cognitive biases tend to combine trading with gambling. This combination is strongly associated with problem gambling and disordered trading.
Idioma: Inglés
DOI: 10.1016/j.puhe.2025.105742
Año: 2025
Publicado en: PUBLIC HEALTH 244 (2025), 105742 [9 p.]
ISSN: 0033-3506
Tipo y forma: Artículo (Versión definitiva)
Área (Departamento): Área Trabajo Social y Serv.Soc (Dpto. Psicología y Sociología)
Debe reconocer adecuadamente la autoría, proporcionar un enlace a la licencia e indicar si se han realizado cambios. Puede hacerlo de cualquier manera razonable, pero no de una manera que sugiera que tiene el apoyo del licenciador o lo recibe por el uso que hace. No puede utilizar el material para una finalidad comercial. Si remezcla, transforma o crea a partir del material, no puede difundir el material modificado.Exportado de SIDERAL (2025-10-17-14:36:09)
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Artículos > Artículos por área > Trabajo Social y Servicios Sociales
Registro creado el 2025-05-30, última modificación el 2025-10-17