Polymarket · Google · CBS News Technology
Prediction markets have become a draw for young men
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Earlier this year, Thomas Christian Owens decided to try his hand at prediction market trading for the first time.
Key facts
- One of his early basketball "combo" bets, which lets users bundle multiple event contracts into a single trade, netted him $456 from a $50 wager, a more than an 800% return
- Research from Citizens found that the median return on investment for a prediction market user was -8%, meaning they would lose $8 for every $100 spent
- To trade on the platforms, users typically place wagers on "yes" and "no" questions called event contracts, which are priced between $0 and $1
- After a string of losses, Owens' account balance recently dropped to $1,700, below the $2,500 he had deposited
Summary
"It was a little bit of a birthday gift to myself to throw some money in there and have some fun," the 29-year-old manufacturing engineer told CBS News. Owens wasn't expecting to make a killing. Young men like Owens say they are drawn to prediction markets in search of thrills, fast money and in some cases, financial security. Close to 40% of young men between 18 and 34 use prediction markets, according to an April survey from Navigator Research, a public opinion research organization.