Bobby Allyn

So like that, it's no different than walking through the casino doors and plunging your quarters into a machine and then leaving the casino with less money.

That's the experience I would say most people are having on these apps.

It is a type of person who, you know, pops a lot of Zin, drinks a lot of Monster Energy drinks, stays up all night to do this.

And it's just like terminally online, obsessive young male who has nothing else to do but trade on these apps.

Like a guy I talked to, Logan Suddath.

He's a 25-year-old who left his job as a financial risk analyst to do this full time.

I mean, those are the ones who are making the most money.

And I've been hanging out in some of the online communities where they're sharing tips, sort of banding together and figuring out investment strategies, you know, suggesting markets to these apps and then the markets will be created and then they'll start trading on them.

It's...

Those are the ones who are really making the biggest bucks.

But look, there are other people I talk to all the time who have managed to make a few thousand here, a few thousand there, becoming like hyper-specialized in one area, whether they know a lot about music or sports or politics or the tech industry, whatever it may be.

It's become kind of a way to make money on the side.

It's become a kind of side hustle.

But again, the pitfalls are real.

People realize that, yeah, you may have made $1,000 just now, but your next bet, you might lose $2,000.

Right.

So by the letter of the law, yes, insider trading on Kalshi and Polymarket would be illegal.

But we are just in, Aisha, some really uncharted waters here.

So recently there was a case of insider trading where Kalshi discovered that Mr. Beast, you know, the huge YouTuber, had a video editor who was watching his videos early, editing them.

And then betting on what Mr. Beast would do or say in the video.