Prediction markets' age should be raised to 21, Texas doctors say

• Texas doctors warn that the legal age of using prediction markets should be 18
• The Texas Medical Association has also issued recommendations on advertising rules
• Despite this, Texas has not been particularly opposed to prediction markets in general

The Texas Medical Association has raised an official request to address the prediction market gambling age, which the group believes should be set at 21, from the current 18.

Prediction markets at 18 is not a good idea, argue Texas doctors

These remarks come at a time of heightened sensitivity over the issue. Texas, which does not offer legal sports gambling, could see more people opting for event sports contracts, which emulate sports gambling closely, but which, the platforms offering it insist, do not constitute gambling because it is federally regulated.

The Texas Medical Association is also calling for further restrictions on advertising near schools and parks, as well as social media. The association is further asking that celebrities or cartoons not be used to promote such content, as it could adversely impact younger audiences, leading them to believe that the content is entirely without risk.

The proposal will be reviewed by the Texas Senate Committee on State Affairs, which has already been looking into prediction markets and whether they violate state gambling laws. The Texas Medical Association has argued that adolescents have poorer impulse control and are more willing to take risks than adults. As such, they are more vulnerable to developing addiction to gambling-like products.

Sports betting is already taking root in the demographic, with more than 35% of boys 11-17 having placed a bet at least once in the past year. Furthermore, 60% of those 18-22 have also participated in sports betting in some form.

Young people and young adults impacted by sports betting

Kalshi, in particular, has taken issue with claims that it is impacting young adults' or adolescents’ mental health, arguing that less than 4% of its trading volume is generated by account holders in the age group 18-21.

In the meantime, Texas has remained opposed to sports gambling legalization and most forms of gambling as such. The Lone Star, however, has hesitated to pursue a course of action against the sector, owing perhaps not least to the fact that it is mostly a Republican state, and the current White House administration is not opposed to prediction markets in principle.

Image credit: Unsplash.com