A survey by BadCredit.org found that 79% of users on prediction markets have lost money in the past year. These platforms, such as Kalshi and Polymarket, allow users to bet on various real-world events. Many users started using these markets to earn extra income or due to financial struggles, with 53% citing these reasons.
Borrowing money to continue betting is a common practice, with over half of traders using credit cards or personal loans. This trend has raised concerns, with consumer finance experts noting it as a significant red flag.
Further details on the survey and its findings are available from the source.
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