Texas Doctors Push for 21 Age Limit on Prediction Markets

The Texas Medical Association has officially requested that the legal age for using prediction markets be raised to 21. The association argues that adolescents have poorer impulse control and are more willing to take risks than adults, making them more vulnerable to developing addiction to gambling-like products.

The Texas Medical Association has also issued recommendations on advertising rules, including 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. Kalshi 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.