Gambling Expert Warns of Rising Prediction Market Risks in Ohio

With football season underway and sports betting establishing its firm footprint in Ohio, gambling addiction specialists are more and more focused on another form of wagering that can be accessed by younger users: prediction markets. Concerning Rate of Accessibility In an interview for WBNS 10TV’s The Big Picture, Derek Longmeier of the Problem Gambling Network of Ohio made it clear that the state’s biggest emerging challenge is the actual growth of such platforms such as Kalshi and Polymarket, which operate differently from state-regulated sportsbooks. While traditional sports betting has been legal in the Buckeye State for more than three years, it is exclusively dedicated to people who are aged 21 and over. Prediction markets, on the other hand, are regulated at the federal level, which means they can be accessible to people aged 18 and over. This automatically creates a different set of concerns for gambling specialists. Longmeier argued that the easy accessibility and simplicity as which these markets can be found online are particularly concerning, especially when speaking about the younger population of adults. The expecrt recalled speaking with an Ohio State University student who told him that his betting kicked off with small amounts before it escalated into significant losses of tens of thousands of dollars before he reached the age of 25. The “Chasing Losses” Issue According to Longmeier, one of the difficulties people face when gambling becomes problematic is the cycle of trying to recover previous losses. That concern could become particularly relevant among college students, who may already be dealing with tuition, loans, and other education expenses. The availability of prediction markets through a smartphone can make it possible to place wagers at virtually any time. Longmeier said the age range affected by prediction markets is broader than college students alone, with people between 18 and 44 among those using the platforms. He identified the 18-to-25 age group as being at particularly high risk. The range of markets available could also bring prediction betting to people who may not traditionally have been interested in sports wagering. Longmeier pointed to markets involving events such as the Oscars and Grammys, which could attract a broader audience. Visibility, Another Reason for Concern As sports aficionados are becoming more and more exposed to betting advertisements while watching games, wagering has become more familiar and socially accepted, explains Longmeier. For people who believe their gambling has become difficult to control, he pointed to the Ohio Problem Gambling Helpline and Gaming Help Ohio as resources for individuals and their loved ones. The regulatory divide between state sports betting and federally regulated prediction markets remains an unresolved issue. Longmeier said the legal dispute could ultimately reach the US Supreme Court. For now, the combination of easy smartphone access, younger users and an expanding range of prediction markets is giving problem gambling specialists in Ohio a new area to watch.