That being said, within the financial sector there is a continuum between investment and more “speculative” activities that are shorter term, higher risk, and with a primary focus on making a monetary profit. As these structural features tend to be absent in investment, “problematic investing” is expected to be extremely rare, if it exists at all.
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Indeed, the harmful and addictive potential of gambling is well established, attributable in part to the short-term time frame of most gambling activities (usually seconds or minutes), the existence of “continuous forms” of gambling (e.g., slot machines, casino table games) that allow for a rapid series of bets, and the negative expected return of most games. As will be discussed in this paper, there is a fair bit of truth to these distinctions. In contrast, gambling has connotations of being high risk, with negative expected returns, influenced primarily by chance, potentially addictive and/or financially ruinous, and involving a completely different set of activities. The purchase of guaranteed investment certificates (GICs), government or corporate bonds, and company shares (stocks) are often thought of as “investments,” with the term investment having connotations of low risk, positive expected returns, influenced by skill and knowledge, and a wise thing to engage in. Similarly, within the gambling field, population surveys of gambling participation sometimes include questions about high-risk stocks, speculative investments, and/or day trading in addition to traditional forms of gambling ( Williams, Volberg, & Stevens, 2012 Williams, Volberg, Stevens, Williams, & Arthur, 2016).Īlthough financial market activity and gambling both entail financial risk, most people tend to regard these things as fundamentally different.
Within the financial sector, it is common to identify certain stock market activities as gambling-like (e.g., Boyer & Vorkink, 2014 Dorn, Dorn, & Sengmueller, 2012 Hazen, 1991 Kumar, 2009 Skeel, 2009). The relationship between financial market activity and gambling has been debated for quite some time (e.g., Dewey, 1905 Lapp, 1909 MacDougall, 1936 McMath, 1921 Proctor, 1887).
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