Gambling addicts are struggling as Kalshi and Polymarket explode in the US: ‘You could be betting your rent away’
Kevin, who is 36 and **works in law enforcement** in Texas, has been a gambling addict for 18 years. It’s a problem that cost him his first marriage and forced him to file for bankruptcy.
Sports betting is illegal in Texas, so Kevin used a bookie based out of the state – until his second wife changed the passwords to his bookie account. Going to a physical casino required him to get in the car and drive. But Kalshi was right there: “I could still do my sports thing and it was actually legal.” (He requested to go only by first name to speak about sensitive matters.)
Despite being a recovering gambling addict, Kevin created a Kalshi account last summer, assuring his wife he wasn’t gambling. “I kind of swindled her into saying Kalshi was like stocks,” he said – not so difficult a sell, considering Kalshi describes itself as operating “like a stock exchange for events”.
The prediction market Kalshi allows more than 5 million monthly users to “trade” or place wagers on what might happen in pop culture, politics, weather or any real-world event with an uncertain outcome. Sports are an enormously popular category on these platforms, which make money by charging fees for trading. Kalshi’s competitor Polymarket, which operates similarly, is making a return to the states.
Sports betting is illegal in Texas, so Kevin used a bookie based out of the state – until his second wife changed the passwords to his bookie account. Going to a physical casino required him to get in the car and drive. But Kalshi was right there: “I could still do my sports thing and it was actually legal.” (He requested to go only by first name to speak about sensitive matters.)
Despite being a recovering gambling addict, Kevin created a Kalshi account last summer, assuring his wife he wasn’t gambling. “I kind of swindled her into saying Kalshi was like stocks,” he said – not so difficult a sell, considering Kalshi describes itself as operating “like a stock exchange for events”.
The prediction market Kalshi allows more than 5 million monthly users to “trade” or place wagers on what might happen in pop culture, politics, weather or any real-world event with an uncertain outcome. Sports are an enormously popular category on these platforms, which make money by charging fees for trading. Kalshi’s competitor Polymarket, which operates similarly, is making a return to the states.