Professional Gamblers Move Into Prediction Markets to Bleed You Dry
Following the federal government’s wide-armed embrace of the tech, professional gamblers are flooding into prediction markets like Kalshi and Polymarket. It’s not hard to see why: in January alone, trading volume on Kalshi almost hit $10 billion, $8.5 billion of which was tied to sports, according to new reporting by Bloomberg. That same month, Kalshi saw three million new downloads. The waters, in other words, are teeming with prey — and the sharks are moving in. No longer content to ply their trade on the predatory betting apps of yore — the FanDuels, DraftKings and BetMGMs of the app world — professional gamblers have discovered a lucrative new playground in the wildly unregulated land of prediction markets. “It really feels like everything’s prediction markets, prediction markets, prediction markets,” Rufus Peabody, a professional gambler with 15 years of experience told Bloomberg. “Maybe not for the average recreational bettor, but certainly in the sharp community.” In gambling parlance, “sharps” are the pros: the full-time bettors who win more often than they lose. And for these gamblers, prediction …
