Rima Grace

They operate in this kind of legal gray area.

They're not subject to gambling regulations, which a lot of states aren't thrilled about.

Just last week, Arizona filed criminal charges against Kalshi, arguing that it's an illegal gambling operation.

But today I want to know, with the rise of these platforms and the rise of sports betting, what happens when you can place a wager on practically anything?

What does that do to our brains, our bank accounts, and how we relate to one another?

To get into it, I'm talking with two people who've thought a lot about this.

I'm chatting with Hannah Horvath, who's a financial planner and money expert.

Hannah has a sub stack about the psychology of money and how our minds influence our financial decisions.

Hey, Hannah.

Hi, super happy to be here.

And I'm also joined by Tim Fong, who's a clinical professor of psychiatry at UCLA and co-director of the UCLA Gambling Studies Program.

Hey, Tim.

Okay, so I want to start off by talking about prediction markets.

Hannah, what was your reaction when you first learned about them?

How about you, Tim?

What are your thoughts on prediction markets?

I checked it this morning, actually.

There's a 5% chance.

Yeah.

Just for folks who don't know, right now, staff members are creating the markets, right?