By Veer Rikhy
A website called Kalshi has been getting more popular recently, with over millions of users every month. Kalshi is a trading platform that lets its users gamble on quite literally anything, whether it be politics, pop culture and even the weather. But this app isn’t as practical as everyone thinks it is and might actually be doing more harm than good.
While people are universally drawn to the idea of luck and potential earnings, it’s an unneeded risk to integrate that feeling so deeply into all aspects of life. Simply put, by throwing money into these bets, people get the same thrill and addiction that they do when gambling.
Even if someone does happen to win once, and their confidence seems bound to increase they’ll eventually come crashing down with an inevitable loss. In the long run it’s practically impossible to stay net positive in terms of earnings.
One anonymous student at IHS, who remains nameless since Kalshi is illegal for people under 18, recently used the app to bet that the New England Patriots would win the Super Bowl. Their bet lost however and with it the student lost $200.
The student told the Paw Print, “I definitely regret betting that. The thing about gambling like this is that there’s no skill to it, it’s completely up to fate if I would win or lose. And since I lost, there’s no way for me to get that money back.”
However if the student did win the bet, they would have gained $500. This type of increase in money that users would get back is what drives them to place bets in the first place. For a long time this has largely been contained to casinos and more recently online sports betting, though with the advent of Kalshi this addiction touches completely new terrain.
While gambling on sites like Kalshi can be fun at the moment, it’s not a sustainable way to make money. Instead, students who gamble on Kalshi can do things like get a job at a local restaurant or try selling things on other applications like “DePop” for an effort-less way of earning. That way, through getting a job you’re helping your community as well as helping yourself while you earn.
Betting and gambling money via Kalshi simply isn’t a practical way to make money, and users should be wary of it. However, there are still many other alternative ways if people want simple and low-effort means to earn money.
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