Healthcare students turn to Kalshi, betting platforms to pay for degrees, survey shows
A healthcare worker administers a dose of the Pfizer-BioNTech Covid-19 vaccine to a student during a ‘Vax To School’ campaign event at a high school in Staten Island, New York, USA, on Tuesday, August 10, 2021.
Jeenah Ay | Bloomberg | Getty Images
Nearly two-thirds of healthcare students who use prediction markets and betting sites believe these platforms can help fund their education, according to a report from workforce infrastructure company Clasp.
The survey results from 1,000 respondents come after the Trump administration expanded the list of graduate degrees subject to higher borrowing limits. Health programs such as nursing are among those eligible for the higher limit; but such degrees were initially considered non-vocational and briefly placed limits on how much money could be received. I borrowed them to follow them.. Programs within pharmaceutical sciences are still excluded from the list of professional degrees.
According to research conducted by Pollfish between June 16-28, more than 70% of students use platforms like Kalshi or FanDuel at least a few times a week. But less than half recorded gains.
The survey showed one healthcare student earned more than $50,000, while another participant lost in that range. Another 14 raised over $5,000, while two others lost about the same amount. The survey showed that overall, most healthcare students make or lose $100 to $1,000 on these platforms.
“These students are not betting for fun,” said Clasp CEO Tess Michaels. “They pour their earnings into tuition plans, and most are barely breaking even.”
Despite the results showing the risks of relying on prediction markets and gambling, nearly 70% of those surveyed started using them to pay for school, tuition or living expenses. Between juggling high expenses and a tight schedule, these outlets can be the fastest way to make or lose money, Michaels said.
“Time is really valuable in healthcare, and there are different jobs you can do to make extra money,” he said. “And so the fastest ways to access cash are likely to win.”
Although more than 80% of Clasp survey respondents were women, the results showed that more men were using prediction markets or betting platforms. Almost half of male students and approximately one-fifth of female students said they used the platforms.
Beyond just platforms, the survey found that 56% of respondents rely on other sources to support tuition or living expenses, including credit cards or creating content on TikTok, OnlyFans, YouTube or Substack.
The survey results indicate a growing concern for Michaels, who sees a possible increase in the need for healthcare students to rely on prediction markets, betting and other non-traditional income factors for school. Nearly 30% of survey respondents said they could not reliably cover a month’s expenses.
“Graduate students need a co-signer to access a private loan, which is code for wealthy parents. So if you don’t have a wealthy parent, how do you provide additional support? [school]? “It happens through such channels,” he said.
Disclosure: CNBC and Kalshi have a business relationship that includes customer acquisition and minority investment.
