Prediction markets have made betting easier than ever—and young men are paying the price

Nevin Burmeister first downloaded Kalshi on July 8, just two days after his 18th birthday. In his home state of Indiana, the minimum age for sports betting is 21. But Burmeister could legally wager on sports on Kalshi starting at 18.

He is one of millions of people taking part in the recent craze for prediction markets, which allow users to bet on basically anything—from who will win the newest season of Survivor, to the price of gas this week, to whether the U.S. will take control of Greenland.