"Digital Money" in Gambling

[Dave1]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

[crwth]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

In some way, I have this reaction as well. When the item is tangible, it's harder to let go, or you feel how much you have if you can feel and touch it, so it does affect how much money I'm depositing in the land-based casino. For gambling online, it seems different just because it's just a number and your aim is to increase that number, but not really thinking about how much you have unless you have it in your hand.

[TheUltraElite]

This might happen happen if that money is obtained without any hard work, then you dont seem to consider wasting it away.

But money that is earned from toil, be it physical or digital means the same, at least for me. Digitally spending fiat also is deducted from my bank account while bitcoin is deducted from my wallet balance number. So those numbers are always in flux.

I would feel bad if either of them got wasted. But maybe gamblers who are regular in spending dont.

[rbynxx]

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I don't think that gives any psychological effect at all, well, probably for me. So far offline or online it has been the same with me, probably there has been some disparity considering I got more crypto than an actual cash but it doesn't mean I over gamble more on it.

There probably some individuals that has that psychological effect especially if they are impulsive. Why do you think it was the case? I'm mostly gambling online but I think if your mind is set to how much money you can afford to lose, being online and offline will not matter.

[rat03gopoh]

Physical cash is more effective at curbing impulsive spending, especially when going to a physical casino. You might even consider leaving some for your car parking fee. If you run out of chips, you'll have to reach under your pillow to exchange for more. This is inefficient compared to using digital money, which is as easy as throwing away a tissue at the casino cashier.

[Fortify]

I don't think it makes the slightest bit of difference to most people and it shouldn't. I've barely had any paper currency or coins in the last few years, it has all been deposited through debit cards which is equally digital. I personally am always pegging crypto against a USD value anyway, so have a rough idea of what is being spent. The only way I could see someone not doing that is if they were an early adopter who has a vast trove of bitcoin around. In skilled games like poker you're also taught to disassociate yourself from the values being bet and just focus on a strong game using hand and table positioning with a bit of bluffing mixed in.

[Fivestar4everMVP]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

Well, to be honest with you, physically cash kind of hurts more to take out, especially when you are going to be putting it into something that is very risky as gambling where you have no guarantee whatsoever of getting the bills back..

But for me personally, I've come to that realm where I value my digital money almost the same as the physical cash, or should I just say "the same" because even taking out digital money to spend on gambling this days is very hurtful to me especially when I haven't prepared well incase I possibly lose that money..
So for me, both digital money and physical money is equally very important to me, but I do know that for some people, it's hard for them to take out physical money to spend on gambling, but they can easily take out a huge amount of their digital money to spend on same gambling.

[adaseb]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

Yes I think there is a difference. The fact that you are gambling with money that you can't see or feel ,it make it feel less real and you might be willing to take more risk with it.

This is no different than people who go shopping and pay with a credit card. Its easy to swipe a credit card (or tap these days) and the purchase is done. However when you open your wallet and take out cash and count it then it might make you second guess whether you actually need to buy this product. And if you saw how much money its going to cost you, you might not purchase it. Same with gambling with digital money.

Stock traders have it similar also. The money they trade with they never see or feel, so they take huge risks as a result and many end up losing on their investments.

[davis196]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

This "digital money" effect had a name(I can't remember the exact name right now), but it applies to all forms of online shopping, not just spending money on the online casinos and bookmakers. Some expects claim that there's a difference between using cash and credit/debit cards when shopping. The feeling of giving something physical like your money is worse than using a credit/debit card or using crypto for online payments.
To be honest, I don't find a big difference, because I'm a stingy person and I hate overspending. It doesn't matter if it's cash or online transaction via crypto or digital fiat.

[jcojci]

I don't feel any psychological effect from playing with crypto or cash. What I am concerned about is just how I can limit my funds. Using crypto or cash can make me lose control if I use too much. Use crypto or cash but we lose so much, that will be painful so the psychological effect will occur and many of us will difficult to handle it.

We should know how much money we spend especially in gambling where all of the temptation can come to us. If you don't have strong control, you will end up losing all of the money.

[giammangiato]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I've thought about this many times, instinctively I think that precisely, not having it "physically" you have a different feeling and conception of money, it almost seems to be out of reality.
You only make it after you lose it "the digital one" that was in fact something of value that belonged to you.
With physical money it seems to be more resistant to spending, even chips psychologically give more confidential feeling in spending money, but it is always and in any case a matter of clear mind.

[Charles-Tim]

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I spend like amount of money gambling or betting, regardless of where I am gambling or betting but I understand your question. Do you know that physical casinos make more money than online casinos although online casinos have more customers? This is contracting what you posted.

[Lanatsa]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I've thought about this many times, instinctively I think that precisely, not having it "physically" you have a different feeling and conception of money, it almost seems to be out of reality.
You only make it after you lose it "the digital one" that was in fact something of value that belonged to you.
With physical money it seems to be more resistant to spending, even chips psychologically give more confidential feeling in spending money, but it is always and in any case a matter of clear mind.

There’s definitely a psychological shift when money becomes digital when you don’t physically hand over cash you lose that tangible sense of value it’s just numbers on a screen and that makes it much easier to spend without realizing how much is actually going out. In land based casinos you feel the weight of the bills the sound of chips the physical act of counting and exchanging those chips creates friction and that friction reminds you of what you’re risking but with crypto or online wallets there’s no pause it’s instant and almost detached from reality you click send and it’s gone that small delay that usually triggers self awareness disappears.

Many gamblers spend more with crypto because the pain of loss is delayed you don’t feel it until you check your balance later and see how much you’ve actually moved from your wallet this disconnection can make digital gambling riskier if you don’t set firm limits. The best way to handle it is to recreate that sense of friction for yourself maybe keep separate wallets for gambling and only deposit what you can afford to lose that way even if the process feels seamless you still maintain some form of boundary between your real money and your play money.

[swogerino]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I think that it is the same for most people. For me it is easier in crypto because my wife does not understand much about it, and so I am a bit more free to spend from this income stream, for cash money we both know everything and the credit card statement goes to both of us. I also think that the level of regret is the same as when you lose in land based casinos you say to yourself I could have bought this item with money lost and when you lose online you say to yourself I could have Hodl-ed for better days or I could have exchanged this to my bank account. The level of freedom digital money gives a person now especially in crypto is to say the least "astronomical" and this of course makes more people love gambling online.

[Zigabel]

Having a different Psychology that comes with gambling online with Digital money like crypto is real, sometimes you may be tempted to think that it is not real money until you have blown your account then it may dawn on you that you were gambling with actual real money. For land casinos, it is easier to feel it that you are using your actual money because like you did mentioned OP, you will use the bill notes to make payments or probably make an online transfer sometimes and so all of that could add up to create a real feeling for you and the fact that you will also find others there who are actively playing and wining will also remind you its real, but when its just you and your device online, form the comfort of your home, you could easily get carried away and eventually forget that those crypto units you are staking are actual money, so yes it does happen and i have experienced it some times a go, but had to late come with term to the fact that its is actual real money and i should treat it as such.

[cryptomaniac_xxx]

It's weird but in some cases specially if I'm playing in brick and mortar casinos and then shift backs to crypto base, I have this feeling that it's easy to spend our crypto and play as if we really don't have control of our senses as it is not physical.

Not sure if there is a such study that might concur what most of us have been feeling this psychological shift, but it could really that our brain is wired with physical things like money and spending it in land base casinos might be very different as when we spend a intangible "money" like crypto.

[CryptSafe]

I share the same opinion as TheUltraElite,  any money gotten through hard labour would mean a lot and every dime spent from it would be accounted for so it is natural as well to have that effect as you have said and most at times, it is the effect of losing game's played that leads one chasing their loses and this also can be attributed to the fact that funds gotten through hard work has effect be it digital or physical money.

[Outhue]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

I don't believe this, I spent some bitcoin on hardwares on a online store and I still felt the feeling that my Bitcoin is going but I know I am getting it back few months later, physical money or not it doesn't matter, the spender will feel the same way, I even like my money stored in Bitcoin than having that paper money on me.

I starter having the liking to gambling because of Bitcoin years ago, online casinos have loads of customers today because of Bitcoin and crypto, that's why online gambling activities have gone past located casinos and gambling outlets, I hate using fiat for gambling purposes because it is not as smoother like using crypto.

[yamin_galib]

There is no physical weight of money when you gamble with crypto, hence it has a very distinct psychological effect. Every step of the way from taking money out of a land based casino to exchanging it for chips or putting it into a machine reminds you that you are spending real money. You can start playing right away with crypto because everything is digital, all you have to do is open a wallet and transmit it to an address.
It may seem like just a digital number to lose 0.05 BTC but if you had to lose that much cash the emotional trauma would be considerably worse. So yeah people who toy with digital money like crypto can often become less connected and spend too much without realizing it and this is a pretty normal behavior.

[imthegreat]

Do you think that there is this psychological effect on gamblers playing with "digital money" like crypto.

When you gamble on land base casinos, all are physical, the money you're going to take out from you wallet, either to change it to in house chips or to insert it in a slot machine. So you see it leave your hands and if you won, get the feel of the bill. So there are weight in it.

As compare to crypto, obviously digital and so does it makes it easier to overspend because it's no contact, all we have to do is to open our digital wallet, deposit it on the address that the casino provided to us and start playing.

Are you that kind of person that because everything is disassociate, you might spend more than using crypto in your gambling as compare to cash?

Cash is the kind of money that feels great in your hands, and everyone feels they can use it to fulfill their desires. When money turns into numbers on a screen, as happens at bookmakers or online casinos, it begins to lose its value in the eyes of the user, becoming merely a means of play, and that's bad. After all, one of the biggest problems with severe gambling addiction is precisely the complete devaluation of money. For the addicted gambler, money becomes like candy wrappers, and they're willing to spend it again and again in pursuit of excitement and pleasure.