Health students turn to Kalshi, betting platforms to pay for degrees, research shows
A health worker gives a dose of Pfizer-BioNTech Covid-19 vaccine to a student during a ‘Vax To School’ campaign event at a high school in Staten Island, New York, US, Tuesday, Aug. 10, 2021.
Jeenah Moon | Bloomberg | Getty Images
About two-thirds of healthcare students who use prediction markets and betting sites believe these platforms can help finance their education, according to a report by staffing infrastructure company Clasp.
The survey results from 1,000 respondents come after the Trump administration expanded the list of qualifications subject to higher borrowing limits. Health care programs, such as nursing, are among the programs that qualify for the highest threshold — even though those degrees are initially considered useless and short on how much money can be borrowed to pursue them. Undergraduate programs in pharmaceutical sciences are still excluded from the list of professional degrees.
More than 70% of students use platforms like Kalshi or FanDuel at least a few times a week, according to a survey conducted by Pollfish between June 16 and 28. Less than half have recorded gains, however.
One health care student won more than $50,000 and the other defendant lost within that range, the study showed. Another 14 collected more than $5,000 and two others lost about the same amount. Overall, most healthcare students won or lost $100 to $1,000 on these platforms, the study showed.
“These students are not betting for fun,” said Tess Michaels, CEO of Clasp. “They plan the money they get for their scholarship programs, and most of them don’t break even.”
Despite the results showing the dangers of relying on betting and gambling markets, almost 70% of respondents started using them to pay for school or living expenses. Between the high costs and strict schedule, these stores can be a quick way to make or lose some money, Michaels said.
“Time is really precious in health care, and there are different jobs you can do to try to make more money,” she said. So the fastest ways to get access to money are likely to succeed.”
Although more than 80% of all respondents to Clasp’s survey were women, the results showed more men were using prediction markets or betting platforms. About half of male students said they used the platforms compared to a fifth of female students.
Beyond the platforms, the survey found 56% of respondents rely on other resources, including credit cards or content creation on TikTok, OnlyFans, YouTube or Substack to support study or living expenses.
The survey results draw a growing concern to Michaels, who sees a possible increase in health care students needing to rely on prediction markets, betting and other revenue drivers for the school. About 30% of the respondents said that they fail to pay their monthly bills reliably.
“Graduate students need a co-signer to get a private loan, which is code for rich parents. So if you don’t have a rich parent, how are you going to add [school]? It goes through shops like this,” he said.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a small investment.
