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Financial Traders in London Get Addicted to Sports Betting, Report Says25 May 2000A growing number of compulsive gamblers in London are traders in the City, London's financial district, according to a report Wednesday on FT.com, the Web site of the Financial Times newspaper. "Helplines have experienced a 'considerable increase' in calls from traders who cannot stop gambling on the internet during working hours," FT.com said. The traders favor sports betting over casino games, the story said, because they believe their experience in calculating derivative prices enables them to beat the bookies' spreads on sports events. "It's the same principle, whether you bet on a Marks and Spencer's share price or on Michael Schumacher's Formula One points," IG Index, a spread-betting company, told FT.com. Non-profit groups that counsel problem gamblers are also getting calls from day traders whose addiction to trading gets them into debt, the publication said. "Day-trading is just a new form of gambling," said a counselor at Gamblers Anonymous, quoted by FT.com. "The adrenalin one gets when making back losses is the same whether one gambles on a roulette or trades shares on the internet." |