Comment Text:
I am commenting in support of regulation for prediction markets. Kalshi sent me here through a mailer that links to a website that only builds comments that shed prediction markets in a positive light and this has me worried that comments may be skewed in favor of Kalshi.
Prediction markets are gambling. We have consistently seen insider trading and advantage afforded to those with connection. And we have a youth that is seemingly more and more hooked on some form of gambling by the day. Prediction markets like Kalshi are harmful in many ways, but perhaps the most perverse issue I find with them is how easily they are allowed to advertise. I find it repulsing that prediction markets are allowed to own sports networks, sponsor teams, and advertise on the airwaves of both television and radio broadcasts. To me, a prediction market is no different from a casino, and as such I believe we should be holding the exposure of prediction markets to a higher level of scrutiny than traditional trading apps.
To be entirely clear and transparent: I use prediction markets, I enjoy gambling, and I personally believe gambling should be legal not just within the casino floor. However, I find the exposure and pervasiveness of prediction markets to be extremely harmful and much too unregulated. A 17 year old is not allowed to even enter a casino floor, and yet currently it is okay for a 17 year old to be bombarded with advertisements from an online casino, simply because you are "purchasing event contracts" instead of placing a bet.
I personally believe prediction markets should not be allowed to advertise during all ages broadcasted sporting events, below sports scores or statistics on all ages news or league websites, or on jerseys, team attire or other all ages merchandise.
