A health care worker administers the Pfizer-BioNTech novel coronavirus vaccine to a student during a “Vax To School” campaign event at a high school in the Borough of Staten Island, New York, United States, on Tuesday, August 10, 2021.
Gina Moon | Bloomberg | Getty Images
About two-thirds of medical students who use prediction markets and betting sites believe these platforms will help them fund their education, according to a report from workforce infrastructure firm Clasp.
The findings from 1,000 respondents came after the Trump administration expanded the list of graduate degrees eligible for increased borrowing limits. Health care programs such as nursing are among the programs subject to higher limits. However, such degrees were initially considered non-professional, and temporary limits were placed on the amount that could be borrowed to obtain them. Programs in the field of pharmacy are still excluded from the list of professional degrees.
More than 70% of students use platforms like Kalshi and FanDuel at least several times a week, according to a survey conducted by Pollfish from June 16 to 28. However, less than half of the students recorded an effect.
The survey showed that one health student won more than $50,000, while another respondent lost within that range. Another 14 people raised more than $5,000, while two others lost about the same amount. Overall, most medical students have won or lost between $100 and $1,000 on these platforms, the study showed.
“These students aren’t gambling for fun,” said Tess Michaels, CEO of Clasp. “They incorporate their award money into their tuition plans, most of which barely break even.”
Despite the results showing the risks of relying on prediction markets and gambling, almost 70% of respondents started using them to pay for school fees and living expenses. Michaels said these stores can be the quickest way to make or lose money while juggling high expenses and tight schedules.
“Time is at a premium in the medical field, and there are a variety of jobs you can do to make extra cash,” she said. “So the fastest route to accessing the cash is probably going to win.”
Although more than 80% of Clasp’s overall survey respondents were women, the results showed that more men are using prediction markets and betting platforms. About half of male students said they use the platform, compared to about one-fifth of female students.
In addition to the platform, the survey found that 56% of respondents rely on other resources such as credit cards and content creation on TikTok, OnlyFans, YouTube, and Substack to cover tuition and living expenses.
The findings represent a growing concern for Michaels, who sees an increase in medical students potentially having to rely on prediction markets, gambling and other non-traditional sources of income for their schools. Nearly 30% of respondents said they were unable to reliably cover their monthly expenses.
“Graduate students need a cosigner to get private loans, but that’s a rule for wealthy parents. So how are you going to supplement (the school) if you don’t have wealthy parents? It’s through outlets like this,” she said.
Disclosure: CNBC and Kalsi have a commercial relationship that includes customer acquisition and minority ownership.
