Nearly 70% of U.S. medical students are using betting platforms and prediction markets to pay for their education. However, only 48% report making a profit, according to a survey by Clasp.
The study surveyed 1,000 students enrolled in healthcare programs. Results showed that half of them bet on DraftKings, 45% on Kalshi, 42% on FanDuel, and 31% on Polymarket. Using these platforms has become routine, with 73% of respondents placing bets at least several times a week and 15% doing so daily.
Approximately 67% of students view these services as a way to cover educational expenses. Of these, 24% have incorporated betting into their financial plans, while another 43% consider it a possibility. Nearly 30% of respondents said they struggle to consistently cover expenses for even one month.
However, not everyone profits—only 40% reported a net gain, with about half breaking even. Most gains or losses ranged from $100 to $1,000. One in ten reported amounts over $5,000, and two mentioned more than $50,000.
The survey also revealed a gender gap. More than 80% of respondents were women, but men were significantly more likely to use betting and prediction platforms. Nearly half of the male students reported using such services, compared to about one-fifth of female students.
Betting and prediction markets are part of a broader picture. According to Clasp, 56% of respondents also use other means to finance their education and daily expenses, such as credit cards and content creation on TikTok, OnlyFans, YouTube, or Substack.
Why This Is Happening
Clasp CEO Tess Michaels explained the trend as a combination of high education costs and a severe time crunch. For medical students, time is especially valuable, making it difficult to balance studies with additional work. As a result, the quickest ways to obtain cash, despite their high risk, become the most attractive.
Michaels described the survey results as concerning. She suggested that the number of college students forced to seek unconventional income sources might increase. To obtain private educational loans, graduate students often need a cosigner, which usually means wealthy parents. In the absence of such support, students turn to alternatives, including platforms like Kalshi.
The study coincided with updated rules for graduate student loans. The expanded list of professional programs now includes some medical specialties, such as nursing. Initially, these programs were not classified as professional, which reduced time limits. Pharmaceutical sciences are not yet included.
“The nursing profession should remain a cornerstone when everything else is automated. Yet we’ve made its funding more complicated than studying law,” Michaels told CNBC.
In April, journalists from More Perfect Union accused Polymarket and Kalshi of exploiting Americans’ economic anxieties.
