Prediction markets have already made their mark, particularly in America, but right now they are especially persistent about attracting a particular audience: women. Social media campaigns are popping up online, urging women to place their bets on sites like Kalshi and Polymarket. Instead of sports, though, women are wagering on their knowledge of pop culture.
Up until recently prediction markets have had a “dude problem”, according to The Atlantic. Despite hosting all kinds of wagers – including celebrity gossip like Taylor Swift’s possible bridesmaids – their user base has skewed mostly male. They have largely become “yet another place for men to bet on football”. Now Polymarket and Kalshi are trying to lure more women to their sites by using “social media campaigns that parrot the language of female empowerment and girlish memes”.
Kalshi, in particular, has been “ramping up its efforts with women”. The fact that one of the company’s co-founders, Luana Lopes Lara, has become the youngest self-made female billionaire only adds to the #girlboss appeal.
Regardless, the threat of gambling addiction looms over the growing popularity of prediction markets. There is “going to be an absolute epidemic”, Kitty Martz, the executive director of Voices of Problem Gambling Recovery, told The Independent. It is worrying that companies are targeting Gen Z and young millennials because they are at a stage of life when they are “trying to have some equity in getting into the workforce, (buying) homes and paying off tuition”. Women have these “very specific concerns” and the prediction markets’ strategy seems to be to “convert that concern into contracts”. There need to be “actual, robust warnings” that the “more you do it, the more you’re going to lose”.
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