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 the Staten Island borough of New York, U.S., on Tuesday, Aug. 10, 2021.
Jeenah Moon | Bloomberg | Getty Images
About two-thirds of healthcare students using prediction markets and betting sites believe these platforms can help finance their education, according to a report from the 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. Healthcare programs, such as nursing, are among the programs eligible for the higher limit — though such degrees were initially deemed nonprofessional and briefly capped how much money could be borrowed to pursue them. Programs under pharmaceutical sciences are still excluded from the professional degree list.
Over 70% of students use platforms such as Kalshi or FanDuel at least a few times a week, according to the survey fielded by Pollfish between June 16 and 28. Less than half have recorded gains, however.
One healthcare student won over $50,000 while another respondent lost within that range, the survey showed. Another 14 collected over $5,000 while two others lost about the same amount. Overall, most healthcare students won or lost $100 to $1,000 on these platforms, the survey showed.
“These students aren’t betting for fun,” said Tess Michaels, CEO of Clasp. “They’re budgeting winnings into their tuition plans, and most of them are barely breaking even.”
Despite results showing the risks in relying on prediction markets and gambling, nearly 70% of respondents started using them to pay for school school or living expenses. Between juggling high expenses and a tight schedule, these outlets can be the quickest way to earn or lose some money, Michaels said.
“Time is really precious in healthcare, and there are different jobs that you can do to try and earn extra cash,” she said. “And so the fastest routes to being able to get access to cash are probably going to win.”
While over 80% of all Clasp survey respondents were women, results showed more men were using prediction markets or betting platforms. Nearly half of the male students said they used the platforms compared to about a fifth of women.
Beyond just the platforms, the survey found 56% of respondents are leaning on other resources, including credit cards or content creation on TikTok, OnlyFans, YouTube or Substack to support tuition or living expenses.
The survey results paint a growing concern for Michaels, who sees a possible uptick of healthcare students needing to rely on prediction markets, betting and other non-traditional revenue drivers for school. Nearly 30% of respondents said they fail to reliably cover a month’s expenses.
“Graduate students require a cosigner to get access to a private loan, which is code for wealthy parents. So if you don’t have a wealthy parent, how are you going to supplement [school]? It’s through outlets like this,” she said.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
