The Professional Footballers Association (PFA) has set up a training course within its wellbeing department to manage excessive crypto-gambling by its members, including Premier League players.
The move comes in response to reports that members of the Premier League have been gambling large amounts on crypto, with players at all levels known to be investing in Bitcoin (BTC) and similar currencies.
It has been suggested substantial investments are being made without adequate consideration of the risks involved.
The trend towards such behavior has been referred to by the PFA as “a major issue”, with increasing numbers of players reportedly seeking help.
The PFA is concerned about the implications of the players’ habits, with financial experts warning of the “huge risks” attached to investment in BTC and other cryptocurrencies, which can be “extremely volatile”.
It has been suggested that players are investing huge sums based on the popularity of certain crypto, due to the name, or even on the basis of the attraction to certain symbols, without knowing the history behind the coins.
With trading apps encouraging compulsive use, the PFA are concerned that the issue will become a growing problem within football if the warning signs are not taken into account.
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