This Is Uncomfortable What happens when you can bet on anything?
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Mar 26, 2026 Hannah Horvath, a financial planner who studies money psychology, and Timothy Fong, a psychiatrist who researches gambling and addiction, discuss the rise of online prediction markets. They explore how betting has normalized, regulation gaps, personalized and wild markets, youth harm via phone betting, and how gambling reshapes risk, empathy, and inequality.
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Prediction Markets Let You Bet On Anything
- Prediction markets let people wager online on elections, disasters, and cultural events, not just sports.
- Platforms like Kalshi and Polymarket skirt gambling regulations while trading billions weekly and integrating into media coverage.
College Student Lost Six Figures On His Phone
- Timothy Fong described a college student who lost about $200,000 to online gambling in two years.
- The student never entered a casino; everything happened on his phone after arriving at college and draining his savings.
Gambling Reinforces Identity And Exploits Loneliness
- Gambling reinforces identity and fills social or emotional gaps, especially amid loneliness and online culture.
- Platforms lower barriers with promotions and social proof, making impulse bets feel normal and attractive.