A Study on the Irrational Gambling Beliefs and Superstitions Among Young Problematic Cryptocurrency Investors

This study aims to explore the irrational gambling beliefs and superstitions held by young problematic virtual asset investors. To achieve this objective, we selected a total of eight participants classified as ‘high risk group’ according to the K-MAGS (Korean Gambling Addiction Screening Tool) and the CPGI (Canadian Problem Gambling Index) and conducted one-on-one in-depth interviews. The phenomenological research method developed by Giorgi (1970; 1985) was employed to understand the essence of the phenomenon. Five themes related to irrational gambling beliefs were identified: technology-oriented attitudes, beliefs in self-control, confidence in returns, unrealistic optimism, and the belief that relationship-oriented investments will lead to success. Additionally, three themes regarding superstitions were identified: time-related superstitions, location-related superstitions, and superstitions related to personal behavior. Based on these findings, a general structural description was provided, and implications for addressing cognitive errors, such as irrational gambling beliefs and superstitions, were suggested.