Americans See Sports Prediction Markets as Gambling, Survey Finds Growing Concern

A sweeping new nationwide survey reveals that most Americans don’t view sports prediction markets as innovative investing tools—they see them as another form of gambling, sparking mounting worries about consumer protection, regulatory loopholes, and the risks posed to younger users.

Commissioned by the Gambling Is Not Investing coalition and conducted by Morning Consult, the poll surveyed 15,029 U.S. adults between March 17 and March 22, 2026, offering one of the clearest snapshots yet of how the public perceives these fast-growing platforms.

Most Americans Aren’t Using Prediction Markets—But They’re Paying Attention

Despite rising awareness, the vast majority of Americans remain on the sidelines. A striking 83% said they hadn’t bought or traded contracts on a prediction market in the past year, compared to 73% who hadn’t placed a sportsbook wager and 65% who hadn’t traded traditional financial assets like stocks or ETFs.

Yet, even without direct participation, opinions are strong. A commanding 81% of respondents classified sports-related activity on prediction markets as gambling, not investing. When platforms market these contracts as “investments,” most aren’t buying it—70% still see the activity as gambling, while only 19% view it as legitimate investing.

“If It Quacks Like a Duck, It’s Sports Betting”

“This polling confirms that unabated sports gambling on prediction markets is a growing concern across America,” said Mick Mulvaney, Executive Director of Gambling Is Not Investing. “Prediction markets are trying to disguise their sports betting products as a financial investment, misleading Americans and dodging consumer safeguards like age requirements. Let’s face it, if it quacks like a duck, it’s sports betting.”

Mulvaney’s comments echo broader anxieties about platforms like Kalshi, which has drawn criticism for offering sports-related “event contracts” tied to outcomes such as March Madness games. Critics argue these offerings are functionally identical to traditional sports betting, despite being framed as financial products.

The Language Trap: “Event Contracts” and “Futures” Confuse Consumers

One of the survey’s most striking findings centers on the language used by prediction market platforms. Three-quarters of respondents said consumers could easily misunderstand prediction markets as legitimate investments, especially when platforms use terms like “event contracts,” “swaps,” and “futures.”

This confusion is particularly acute among younger adults. 73% of those surveyed said these technical-sounding terms make it harder for users—especially younger ones—to recognize the real risks involved.

Americans See Prediction Markets as Risky as (or Riskier Than) Sportsbooks

When asked about the level of risk, Americans tend to view prediction markets as just as dangerous—or even more so—than regulated sportsbooks. More than half said the risk level is about the same, while 27% believe it’s higher.

Confidence in safeguards is shaky. Nearly half of respondents said they aren’t confident these platforms provide protections comparable to licensed sportsbooks. Skepticism extends to market fairness as well, with many doubting whether insider trading can be effectively prevented.

Widespread Concern About Insider Abuse and Youth Access

There’s also strong concern about potential abuse. Seven in ten Americans said they worry that people with inside knowledge could profit unfairly, and a similar share expressed concern about younger users gaining access.

This taps into a broader fear that prediction markets, by masquerading as financial products, could attract vulnerable populations who might not otherwise engage with traditional sports betting.

Overwhelming Support for Tighter Regulation

Support for tighter regulation is overwhelming. Large majorities said prediction markets should follow the same rules as sportsbooks, including taxes, licensing, age restrictions, and responsible gambling measures.

Many also questioned whether current federal oversight is sufficient, pointing to uncertainty around the role of the Commodity Futures Trading Commission (CFTC). The survey found that most Americans believe existing safeguards are inadequate and that these platforms need to be brought under the same regulatory umbrella as traditional gambling.

The Bigger Picture: A Regulatory Gray Area

The survey arrives amid growing scrutiny of prediction markets’ regulatory status. Platforms like Kalshi have pushed the boundaries of what the CFTC will allow, recently winning approval for event contracts tied to political and economic outcomes—but sports-related contracts remain a flashpoint.

Gambling Is Not Investing and other advocacy groups argue that without stricter oversight, these platforms will continue to exploit regulatory loopholes, putting consumers—especially younger, less experienced ones—at risk.

Conclusion: Public Opinion Is Clear, But Will Regulators Act?

The survey makes one thing abundantly clear: Americans see through the marketing spin. Whether called “event contracts,” “swaps,” or “futures,” most people recognize these products for what they are—sports betting in financial clothing.

With overwhelming support for regulation and deep concerns about consumer protection, the pressure is mounting on federal agencies to close the loopholes and ensure prediction markets are held to the same standards as traditional gambling.

Tags & Viral Phrases

• prediction markets vs gambling
• Americans see prediction markets as gambling
• sports prediction markets are gambling
• Kalshi sports betting controversy
• Gambling Is Not Investing coalition
• prediction markets regulation
• event contracts gambling
• insider trading prediction markets
• sports betting disguised as investing
• CFTC prediction markets oversight
• younger users at risk prediction markets
• prediction markets consumer protection
• sports betting language confusion
• Mick Mulvaney prediction markets
• prediction markets age restrictions
• sports betting loopholes
• prediction markets March Madness
• prediction markets financial risk
• Americans confused by prediction markets
• prediction markets need regulation
• sports betting risk same as prediction markets
• prediction markets youth gambling
• prediction markets insider abuse
• prediction markets responsible gambling
• prediction markets taxes and licensing
• sports betting innovation gambling
• prediction markets financial products
• Americans want prediction markets regulated
• prediction markets consumer safeguards
• prediction markets gambling survey

,