The world of prediction markets is gaining momentum, with millions of people turning to online platforms like Kalshi, PredictIt, and Polymarket to wager on just about anything. For 26-year-old Joel Holsinger, it's a lucrative side hustle that allows him to make around $3,000 a week trading on these markets.
Holsinger's passion for prediction markets began with the 2024 US presidential election, where Kalshi correctly predicted the outcome weeks before the TV networks did. Since then, he's been using his knowledge of politics and culture to make informed bets on everything from the New York City mayoral race to Taylor Swift's upcoming wedding party.
Kalshi, a federally-regulated exchange with systems in place to monitor for suspicious activity, is not just about betting on politics or culture – it's also about sports. In fact, the majority of money traded on Kalshi is now on sports-related markets, offering users the chance to wager on everything from the New England Patriots' game outcomes to Taylor Swift's streaming numbers.
While Kalshi claims to be an investment platform, author Jonathan Cohen sees it as little more than a speculative instrument for entertainment purposes. "You don't buy that," he said, highlighting the difference between investing and betting.
Kalshi has attracted significant attention from politicians, including President Trump's son Donald Jr., who has become a strategic advisor to the company. However, Kalshi is not without controversy – it's embroiled in legal battles with several states over its sports markets, which some argue amount to "unlawful sports wagering."
As the prediction market industry continues to grow, concerns are rising about its implications on American culture and society. Cohen sees Kalshi as a canary in the coal mine for a broader trend of "gamblification" that may have far-reaching consequences.
With millions of dollars being traded on these platforms every day, it's clear that prediction markets are here to stay – but at what cost?
Holsinger's passion for prediction markets began with the 2024 US presidential election, where Kalshi correctly predicted the outcome weeks before the TV networks did. Since then, he's been using his knowledge of politics and culture to make informed bets on everything from the New York City mayoral race to Taylor Swift's upcoming wedding party.
Kalshi, a federally-regulated exchange with systems in place to monitor for suspicious activity, is not just about betting on politics or culture – it's also about sports. In fact, the majority of money traded on Kalshi is now on sports-related markets, offering users the chance to wager on everything from the New England Patriots' game outcomes to Taylor Swift's streaming numbers.
While Kalshi claims to be an investment platform, author Jonathan Cohen sees it as little more than a speculative instrument for entertainment purposes. "You don't buy that," he said, highlighting the difference between investing and betting.
Kalshi has attracted significant attention from politicians, including President Trump's son Donald Jr., who has become a strategic advisor to the company. However, Kalshi is not without controversy – it's embroiled in legal battles with several states over its sports markets, which some argue amount to "unlawful sports wagering."
As the prediction market industry continues to grow, concerns are rising about its implications on American culture and society. Cohen sees Kalshi as a canary in the coal mine for a broader trend of "gamblification" that may have far-reaching consequences.
With millions of dollars being traded on these platforms every day, it's clear that prediction markets are here to stay – but at what cost?
. Like, I get that Joel Holsinger makes some serious cash trading on them, but isn't it just a bit of a gamble? I mean, he's making $3,000 a week, which is cool and all, but what if the market goes against him and he loses everything? 
. Like, isn't it just about betting on games and stuff? But if some states are saying it's "unlawful sports wagering", that raises a lot of questions about how these platforms operate and who's regulating them.
. That got me wondering if we're just getting sucked into this whole "gamblification" thing without really thinking about the consequences.
. If it becomes a regular part of American culture, it could lead to some serious problems down the line 
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. It's like, have we learned nothing from our past mistakes? 
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I mean think about it... if you can make $3k a week just by waging on everything from politics to Taylor Swift's wedding party 
, and there's nothing stopping you from doing so, isn't that kinda the American dream? But at the same time, I'm like is this really an investment platform or are we all just being taken for a ride? 
It's like those fantasy sports guys who convinced us to pay $10 a week just to pretend to be pro athletes 
. Kalshi's got some serious cash flowing in, but what's the real cost here? Is it just our money or is it something more? 
i mean who doesn't wanna wager on taylor swift's wedding party or the new england patriots' game outcomes? 
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I'm not saying Kalshi is all bad, but it does seem like they're walking a fine line between being an investment platform and a full-on betting ring 