Experts Say Prediction Markets, Social Casinos Fueling Rise of Problem Gambling

Prediction markets are not regulated in the same manner as traditional gambling, meaning that kids as young as 18 can legally wager on a huge variety of things.

FARGO, N.D. (KVRR) – Advocates against problem gambling have faced an uphill battle in recent years, with sports betting becoming more normalized in society and constant access to ways to wager on smartphones.

Over the past twelve months, though, a new, even more dangerous foe has emerged: prediction markets.

Susan Sheridan Tucker of the Minnesota Alliance on Problem Gambling says that these sites are behaving in increasingly predatory ways.

“These prediction markets don’t have any guardrails. No consumer protections. They’re not even advertising the helpline number,” she said.

To combat this, the Alliance is attempting to get educational materials regarding problem gambling into middle schools, hoping to head off some issues before they can even begin.

For adults – the lack of effective professional help in the state of Minnesota is astounding (only 13 trained providers), but
but Tucker says that watching for signs and reaching out to organizations like theirs can help people escape from this destructive cycle.

The Minnesota Alliance on Problem Gambling also offers an app you can download that blocks gambling software on your phone, plus free financial counseling for anyone struggling to get out from under the weight of gambling-induced debt.