Gamble

There are opportunities all around us in order to feed the greed that can come so naturally. And, there are especially ways that prey on young people to condition them to take part in unbiblical behaviors that can warp the mind and even produce addiction.  The Bible warns us not to give in to human desires that can put us in bondage.  1st Timothy 6 warns:
9 But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction.
10 For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs.
11 But as for you, O man of God, flee these things. Pursue righteousness, godliness, faith, love, steadfastness, gentleness.

We have been consistent at Faith Radio in calling out the unbiblical behavior of gambling. It's been said that it violates several of the Ten Commandments and certainly becomes an idol.

And, the rise of sports gambling and the advent of a so-called "prediction market" called Kalshi makes it easier for people to make wagers and lose money.   The Daily Citizen from Focus on the Family stated recently: "The federal government regulates Kalshi and its competitor, Polymarket, more favorably than online sports books like DraftKings and FanDuel — but the exchanges contain many of the same features that make online sports betting so addictive."  Prediction markets, as the article notes, "...offer event contracts — a kind of future in which the underlying commodity is whether or not an event occurs."  At the time of the article users were buying contracts concerning whether or not Josh Allen would win NFL Most Valuable Player.   He didn't - so those who thought he would essentially have to pay off those who entered a contract that he would not.

But, Kalshi is treated differently that the sports books by government regulators.  The article says:

Online sports books like DraftKings and FanDuel make money when their customers lose. They set the odds of every bet on their platforms to ensure as few people win as possible.

Kalshi, the biggest prediction market in the U.S., claims it does not benefit from customers’ losses because it does not bet against them. Instead, it offers a platform where buyers and sellers can effectively bet against one another. The exchange charges users a fee to purchase a contract, regardless of whether they win or lose.

Kalshi’s relationship with its customers is not nearly so cut and dry — but its argument convinced regulators to treat it as an investment platform instead of a gambling company.

The article notes: "Kalshi does not disclose what contracts its trading arm buys and sells, or how much money it makes from it. But if Kalshi is effectively betting against its users and profiting, the prediction market’s business model is no less predatory than that of online sports books."  The Daily Citizen says that, "Prediction markets like Kalshi contain the same addictive elements as online sports books with fewer guardrails."  Such as allowing users 18 years of age and over - anytime, anywhere.

And, just months ago, golfer Bryson DeChambeau inked the first endorsement deal by a professional athlete with Kalshi, according to SportsPro.com.  The article notes that, "Despite Kalshi’s rise, the platform faces mounting legal and regulatory pressure, including more than a dozen lawsuits. A class-action lawsuit in November accused Kalshi of operating an unlicensed sports gambling platform that misleads customers into thinking they’re getting fairer odds than traditional sportsbooks when that isn’t the case.  And just last week, according to Fortune magazine's website, NBA star Giannis Antetokounmpo signed a investment deal with Kalshi.

With March Madness upon us, the top sport that is being "traded" on Kalshi is college basketball, with Front Office Sports reporting:

In February, $2.27 billion was traded across men’s college basketball games, according to a Kalshi spokesperson. That’s higher than the NFL, which saw $1.8 billion in trading volume during the month in which the Seahawks defeated the Patriots 29–13 in Super Bowl LX. The NBA also had plenty of trading volume, with $1.74 billion put on games in the shortest month of the year.

The popularity of men’s college basketball creates a point of tension. As of Friday morning, Kalshi still had a “March Madness Prediction Markets” page despite the NCAA saying last month that the use of the phrase “March Madness” is a “misrepresentation of any NCAA involvement, and we have requested immediate removal of NCAA trademark” as first reported by GamblingHarm.org.

In fact, that article says that the NCAA does not endorse prediction markets.

But, there will no doubt be billions of dollars spent - and lost - over this new, attractive, and no doubt, addictive platform.  And, parents should be aware of it.  The Daily Citizen notes: "Gambling encompasses any activity in which a person bets money on an uncertain, unpredictable outcome. Gambling against businesses who benefit from customers’ losses is especially dangerous and likely to become addictive."   It directs parents to "lead by example" and not to participate, and to take preventive measures; to "control children’s access to the internet."  

Again, gambling, which I contend includes these prediction markets, is unbiblical behavior and preys on human greed.  And, while many will become very consumed in the NCAA basketball championships in the next few weeks and it may even become an idol, mixing in the notion of gambling, whether through sports books or prediction markets, can become addictive - and extremely costly.  We are called to be wise stewards of the resources that God has made available to us, and realize that what we have in material possessions should be committed to His glory.