Online financial platforms Kalshi and Polymarket are expanding as younger Americans lean into crypto and prediction markets to supplement income amid a slower job market and a tight housing market. The long-term vision, described by Kalshi CEO Tarek Mansour, is to financialize as much of daily life as possible by turning differences of opinion into tradable assets. Betting has become nearly frictionless, with smartphones enabling wagers on a wide range of life events.
However, surveys show notable discomfort with gambling among younger men, with Pew Research findings indicating that men under 30 are more likely today than in 2022 to view sports betting as harmful to society. The housing shortage exacerbates challenges for would-be buyers, with estimates suggesting as many as 15 to 20 million missing housing units nationwide, driving up prices and suppressing homeownership. Some economists describe the current dynamics as ‘financial nihilism’ — the perception that the system is rigged in favor of the wealthy or older generations, increasing anxiety about family formation and long-term financial security.
These dynamics underscore a broader push toward crypto-enabled prediction markets as a potential income source for younger generations. They also highlight ongoing questions about regulation, consumer protection, and the social impact of gambling.
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