""Kalshi was my entrance into gambling. Every single dime I had, I lost on [the app].""
"As platforms like Kalshi become more mainstream, a growing number of young people, especially men, are losing money on these apps."
"Prediction markets may seem identical to gambling, but regulators don't see it that way."
"In November 2020, the Commodity Futures Trading Commission granted Kalshi approval to offer a limited number of betting contracts."
Kalshi allows users as young as 18 to bet on various events, dominating the U.S. prediction market with 89% market share. Users have wagered over $1.2 billion on events like the Super Bowl. Many young men, including Nevin Burmeister, are losing significant amounts of money on these platforms. Mental health experts warn that the rise of prediction markets could worsen the problem gambling crisis in the U.S. Unlike traditional sportsbooks, prediction markets are regulated as financial instruments, which has implications for their legality and operation.
Read at Fortune
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