After bankruptcy, he was banned from sports betting sites. Then he found Kalshi

What happened: A man who self-excluded from DraftKings and FanDuel after bankruptcy says he became hooked on prediction market Kalshi after seeing an Instagram ad, and later struggled to close his account. Key numbers: About $75,000 in debt from credit cards and personal loans; more than $50,000 in the red from online sportsbooks; Why it matters: Kalshi called him a cherry-picked case and said its exchange model is healthier than a sportsbook model. Counselors say prediction markets draw problem gamblers, and since the sites lack state approval they do not follow state-mandated protections.

A man who self-excluded from DraftKings and FanDuel after bankruptcy says he became hooked on prediction market Kalshi after seeing an Instagram ad, and later struggled to close his account.

Kalshi called him a cherry-picked case and said its exchange model is healthier than a sportsbook model. Counselors say prediction markets draw problem gamblers, and since the sites lack state approval they do not follow state-mandated protections.