The New Gambling Frontier

As online sports betting and prediction markets continue to gain traction across the United States, we explore the growing debate: are platforms like Kalshi and Polymarket financial tools, or simply gambling in a new form? In this episode, host Jason Perry leads a conversation examining Utah's legal response, concerns about addiction and youth, and the broader national fight over federal regulation and state authority.

THE DEEPER DIVE:
• The controversy over prediction markets largely stems from differing definitions of what they actually are. While companies such as Kalshi and Polymarket describe themselves as financial exchanges where users can wager on future outcomes ranging from elections to sporting events, others argue that the user experience closely resembles traditional gambling.
• Utah's long-standing opposition to gambling has become a point of contention in this debate. Becasue the state's Constitution has explicitly banned gambling since gaining statehood in 1896, the Attorney General argues the platforms have been operating illegally in the state since their inception. Our panel discusses the efforts by legislators to update state law and protect Utah's interests.
• Concerns about prediction markets are coming from both sides of the aisle, making this a rare bipartisan issue in a polarized political climate. We evaluate the potential social consequences of allowing people to profit from wagers about wars, natural disasters, and political outcomes.
• Experts warn online betting and prediction markets pose a real threat of gambling addiction, particularly among young men. One of the major concerns is how difficult gambling addiction can be to detect, because it's easy to hide and someone can rack up tens of thousands of dollars in debt before realizing they have a problem. We examine the accessibility of gambling on smartphones, and how targeted promotions and frictionless transactions up the odds for everyone.
• ⚖️ Utah is in the midst of a legal battle over the future of online betting and prediction markets in the state. Our panel discusses how Kalshi is challenging Utah's authority to block its operations, and why the state has now filed criminal charges against the company.

️ FEATURING:
• McKay Coppins – Staff Writer, The Atlantic
• Attorney General Derek Brown – (R, Utah)
• Sen. Todd Weiler – (R, Davis County)

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