Kalshi, Please Leave Me Alone

Hello everyone! Welcome back to another week of The Willow! This week I'll be focusing on the psychology of gambling and why platforms like Kalshi are possibly putting Gen Z more at risk of developing Gambling Disorder.

Lately, every other post or advertisement I see has one specific name attached to it: Kalshi. The advertisement or sponsored post will have the caption "Think you know where Bitcoin is going? Trade today" or "PSA: you can predict the Oscar winners on Kalshi" with captions featuring hashtags like #Kalshipartner or #Kalshi. I have no interest in gambling at all, nor do I engage in content related to gambling. These ads to me often feel very predatory because they appear on social media platforms that Gen Z in particular will most likely be active on. Given the current economic climate too, it's almost as if Kalshi hopes people are desperate enough for money to use their platform.

Photo Source: Reuters

Kalshi "is the first federally regulated exchange in the United States dedicated exclusively to trading on the outcomes of future events." The minimum age for the platform is 18 years old, and eligible users must submit identity verification. Since Kalshi is federally regulated, the platform essentially is a moderated exchange compared to typical betting and runs on users "buying and selling Kalshi event contracts based on a yes-or-no outcome." There is no limit to the events users can trade on ranging from political events to today's weather. Sports events are the most popular category on the platform. Prices of event contracts "reflect the aggregated beliefs of traders with skin in the game" and the platform does not ban or limit users who are consistently winning.

Now, I am not labeling Kalshi as the cause of gambling disorder in Gen Z, but there can be a correlation when it comes to the development of gambling disorder in Gen Z, specifically in Gen Z men. Kalshi's minimum age being 18, trading format, and accessibility online make it easier for Gen Z to possibly develop gambling tendencies. With my mention of its sponsored posts and advertisements on social media platforms, Kalshi seems to present itself as a gateway to fast money with no consequences. According to CNN, "Kalshi users between 18 and 21 have traded an estimated $3.9 billion" in sports and parlays this year. CBS news states that "roughly 3 million of the platform's 4 million active users are male" and "six in 10 of the platforms total users are between the ages of 18 and 34."

Gambling Disorder is more than just spending lots of money. In the DSM-5-TR, an individual must meet at least four of the following criteria within a 12-month period:

• preoccupation with gambling

• need to gamble with increasing amounts of money

• unsuccessful attempts to stop or control gambling

• restlessness or irritability when attempting to stop gambling

• gambling as an escape from problems or negative mood

• chasing losses

• lying to conceal the extent of gambling involvement

• jeopardizing or losing important opportunities

• relying on others for financial bailouts

• has committed illegal acts

Before a diagnosis of Gambling Disorder, other factors such as comorbidity, episodes, and severity need to be considered. The brain areas impacted by gambling are the Nucleus Accumbens, Frontal Cortex, Amygdala, and Ventral Tegmental Area. These areas in the brain help us with our emotional control, problem solving, motivation, reward, rationality, learning, and memory. According to CollegeGambling.org, "Research has shown that teenagers and college-aged young adults are more impulsive and at higher risk for developing gambling disorders than adults." With brain development, specifically the Temporal Lobe, not reaching maturation until the mid-to-late 20s, it makes sense why teens and young adults are more susceptible to the addictive qualities of gambling and trading.

Photo Source: HealthMatch

Kalshi's psychological effects on a young-adult audience could be intentional, or perhaps a coincidence. Regardless, I think it's important to recognize that Kalshi's rise in popularity amongst young adults puts Gen Z at risk of developing Gambling Disorder. The promotion tactics Kalshi uses online for its platform should raise eyebrows as well because it makes potential users believe online "trading" is the shortcut to making money. If you or someone you know is experiencing symptoms of Gambling Disorder, 1-800-MY-RESET has a hotline and resources for those struggling with gambling.

Thank you for reading this week's blog of The Willow!

-Ariel

Photo Sources:

• https://www.npr.org/2026/10/02/nx-s1-5981420/kalshi-betting-prediction-markets-gambling-addiction

• https://www.reuters.com/business/finance/kalshi-probes-suspicious-trades-tied-trump-press-secretary-pick-wsj-reports-2026-10-09/

• https://healthmatch.io/blog/the-psychology-and-brain-science-of-a-gambling-addiction

Sources:

• https://deadspin.com/prediction-markets/kalshi/age/

• https://www.collegegambling.org/cg-information/fact-sheet-gambling-disorders-among-college-students

• https://www.nimh.nih.gov/health/publications/the-teen-brain-7-things-to-know

• https://my.clevelandclinic.org/health/body/prefrontal-cortex

• https://healthmatch.io/blog/the-psychology-and-brain-science-of-a-gambling-addiction

• https://alpharushealth.org/resources/blog/dsm-5-gambling/

• https://www.psychiatry.org/patients-families/gambling-disorder/what-is-gambling-disorder

• https://www.cbsnews.com/news/prediction-markets-men-polymarket-kalshi/

• https://news.kalshi.com/p/what-is-kalshi-f573

• https://www.cnn.com/2026/08/28/business/young-adults-trading-kalshi

• https://pmc.ncbi.nlm.nih.gov/articles/PMC3858640/

• https://pmc.ncbi.nlm.nih.gov/articles/PMC6650377/

• https://my.clevelandclinic.org/health/body/24894-amygdala

• https://www.apa.org/monitor/2023/07/how-gambling-affects-the-brain

• https://pmc.ncbi.nlm.nih.gov/articles/PMC3845016/