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- The PFA is concerned that British soccer players are treating the crypto markets like casinos
- Players are buying coins by the name or ticker, which makes it essentially gambling
- The PFA has created a training course to educate players
The body that looks after the welfare of British soccer players is becoming concerned that too many are using their wealth in the volatile cryptocurrency markets. The Professional Footballers Association (PFA) has even published a training course specifically aimed at dealing with the temptation for the wealthy sports stars to risk huge sums on shitcoins. The PFA’s wellbeing arm was forced to act after players began asking for help after losing millions of dollars in the crypto markets, with suggestions that many are making their buys based on memes, names and ticker symbols.
“Damaging New Craze”
British newspaper Daily Mirror reported on the situation over the weekend, calling it a “damaging new craze” that was particularly attractive to those with existing gambling problems. According to the report the issue is affecting recovering gambling addicts, stating that “players who have had gambling problems in the past are using apps and buying cryptocurrencies like bitcoins – but are not seeing the link with their prior compulsive and addictive behaviour.”
Impacted players have already passed on their experiences to the PFA who have launched the training course as a result of the growth in crypto speculation. The Mirror claims that “the issue…seems certain to become a growing problem within football if the warning signs are not heeded.”
PFA Warned Over Players Buying Rashly
The problem is not that players are trading cryptocurrencies, it is the way they are choosing to do so, with players known to be “placing huge sums based largely on the names of currencies or even it having attractive symbols.” Such a method certainly is akin to gambling and is not recommended, even for millionaires.