An association of Texas doctors wants state lawmakers to implement more regulations and safeguards on 鈥減rediction market platforms鈥� that pediatricians say contribute to gambling addictions.
Texas is one of the 11 states where sports betting is illegal 鈥� but the Texas Medical Association, or TMA, said the new trend of prediction markets exposes young adults 鈥渁ddictive鈥� gambling behavior.
鈥淏asically, you have a situation right now where high school seniors are legally walking around with Vegas in their pockets,鈥� said Dr. Lindy McGee, an assistant professor at Baylor College of Medicine and the former chair of the Child and Adolescent Health Committee for TMA. 鈥淭hey can bet on just about anything.鈥�
, like Kalshi and Polymarket, allow people to place money on the specific outcome of an event 鈥� like a soccer game, an election or who will be the top artist on a steaming platform.
鈥淎lthough they technically, legally don't fall under the category of gambling, I'm going to stress that prediction markets, like they're used today, they're no different psychologically than any other type of gambling,鈥� said McGee.
In a statement, TMA said it is calling for a minimum age of 21 years to participate in prediction markets.
The organization also outlined recommended restrictions on advertising 鈥� including marketing near schools and parks, as well as on social media. TMA also proposed banning advertising using 鈥渃elebrities, cartoons, or characters from games and shows marketed toward teens and children.鈥�
McGee said prediction markets are still too new to have data showing their effect on adolescents.
鈥淏ut, we do know in general with gambling that it is very prevalent in the adolescent and young adult population that it can have devastating effects, especially a risk of suicide,鈥� McGee said.
McGee said teenagers have a higher chance of developing gambling disorders. She said teens can have weaker impulse control and an increased drive for 鈥減leasure seeking and risk-taking behaviors.鈥�
鈥淭hey don't really have thoughts about future consequences the way the mature adult brain will,鈥� McGee said. 鈥淲e know that when adolescents, young adults are exposed to gambling type of behaviors younger, it is more likely to develop into addiction.鈥�
McGee said the current generation of young adults have been exposed to gambling-like behaviors through video games and are now getting 鈥渋nundated鈥� with marketing.
鈥淭his is a smoldering problem that is going to become a huge fire within the next couple of years,鈥� she said.
In a statement to 四虎影院, a spokesperson for Polymarket said state legislative efforts "run counter" to the established framework the Commodity Futures Trading Commission 鈥� the governing body that oversees prediction markets at the federal level 鈥� uses to regulate these platforms.
"We look forward to addressing these claims through the appropriate legal process," the spokesperson said.
四虎影院 also reached out to Kalshi and the Coalition for Prediction Markets for comment, but did not receive a response by the time of publication.
Advocates and officials have started raising concerns about the new trend. Several states have passed legislation or filed lawsuits to ban, restrict or regulate prediction markets, including Minnesota, which became them earlier this year. However, that ban is stalled filed by Kalshi and Polymarket.
Earlier this year, Texas the Senate State Affairs Committee to look at how the state can close 鈥済ambling loopholes鈥� by that circumvent state bans on gambling.
TMA is already talking with state lawmakers, according to McGee. She said she鈥檚 heard bipartisan support for the proposed age limit and ban on advertising to children.
As policymakers and advocates look to address the issue, McGee said it鈥檚 important to focus on the vendors and the companies operating the platforms rather than impose harsh punishments for the people who use the products.
鈥淎s a pediatrician and a parent, myself, I'm just so sick of the move-fast and break-things attitude of the tech industry generally when it comes to the safety and mental health of our teenagers,鈥� she said.
Abigail Ruhman is 四虎影院鈥檚 health reporter. Got a tip? Email Abigail at aruhman@kera.org.
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