Nearly 70% of U.S. medical students are betting on platforms like Kalshi and Polymarket to finance their education. However, only 48% of them report making a profit, according to a Clasp survey.

The study surveyed 1,000 respondents enrolled in healthcare programs. Results showed that half of them placed bets on DraftKings, 45% on Kalshi, 42% on FanDuel, and 31% on Polymarket. Using these platforms has become a habit: 73% of respondents open positions at least a few times a week, with 15% doing so daily.

About 67% of students view these services as a way to cover educational expenses. Meanwhile, 24% have already factored betting into their financial plans, and another 43% are considering it. Nearly 30% of respondents indicated they struggle to cover expenses for even one month consistently.

However, not everyone is making money—only 40% reported a net profit, while about half broke even. Most winnings or losses ranged from $100 to $1,000, with one in ten reporting amounts over $5,000, and two individuals claiming more than $50,000.

The survey also revealed a gender gap. Over 80% of respondents were women, but men were significantly more likely to use betting and prediction markets. Nearly half of male students reported using these services, compared to about one-fifth of female students.

Distribution of medical students using prediction and betting platforms by gender. Source: Clasp/CNBC.

Betting and prediction markets are part of a broader trend. According to Clasp, 56% of respondents use other methods to finance their education and daily expenses, including 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 educational costs and a severe time crunch. This is particularly critical for medical students, who find it challenging to balance studies with part-time work, making quick cash options more appealing—even if they come with high risks.

The expert expressed concern over the survey results, suggesting that the number of college students seeking unconventional income sources may rise. To secure private educational loans, graduate students often need a co-signer, which typically means affluent parents. Without such support, students turn to alternatives, including platforms like Kalshi.

The study was released alongside an update on student loan regulations for graduate programs. The expanded list of professional programs now includes certain medical fields, such as nursing. Initially, these programs were not classified as professional, leading to reduced time limits. Pharmaceutical sciences have not yet been included in this list.

“The nursing profession should remain a cornerstone as everything else gets automated. Yet we’ve made its financing more complicated than studying law,” Michaels commented to CNBC.

In April, journalists from More Perfect Union accused Polymarket and Kalshi of exploiting the economic anxiety of Americans.