Bettors quit jobs for six-figure monthly payouts as prediction markets surge

Online prediction markets are experiencing a massive surge in the United States as millions of users place real-time bets on global events, driving weekly trading volumes on platforms like Kalshi to more than $2 billion.

The boom is prompting some professionals to trade full-time, including 25-year-old Logan Sudeith. The former financial analyst reported earning $100,000 last month, far exceeding his previous annual salary of $75,000.

Users on these platforms wager on a wide range of outcomes, from Time magazine’s "Person of the Year" to specific phrases used by President Trump during press conferences.

The sector's influence is expanding into mainstream media, with major outlets including CNN, CNBC, and The Wall Street Journal now integrating prediction market data into their coverage.

Despite the rapid growth, the industry faces ongoing legal scrutiny. Critics argue the sites are a form of disguised gambling, while companies like Kalshi maintain they are legitimate trading platforms that operate without a "house" taking the other side of the bet.

The industry is currently benefiting from a pivot in federal policy. The Trump administration has adopted a friendly stance toward the markets, moving to dismantle legal barriers established under the Biden administration’s more restrictive approach.

The surge of prediction markets represents more than a novel financial instrument; it is a profound cultural and political inflection point. Rooted in a deepening skepticism toward legacy institutions—particularly mainstream media and polling firms—these platforms operate on the premise that financial stakes provide a more accurate mechanism for truth discovery than traditional qualitative analysis. This "anti-elite" ethos, reminiscent of the retail-driven frenzy surrounding meme stocks and NFTs, is now being aggressively applied to geopolitics and public policy.

However, the narrative of an insurgent retail movement is being complicated by rapid institutional adoption. The entry of major market makers, such as Susquehanna International Group, alongside strategic investments linked to the Trump family, signals that these platforms are transitioning from the fringes into a formalized asset class. A more permissive regulatory environment under the Trump administration is expected to serve as a decisive catalyst, potentially pivoting these markets from a niche sector into a multi-billion-dollar industry protected by federal law.

The central question for regulators remains whether these platforms constitute a sophisticated form of high-tech gambling—vulnerable to market manipulation and insider information—or if they represent a legitimate breakthrough in the synthesis of societal data.

This trend has had little direct impact on the Vietnamese-American community, where the focus remains rooted in small businesses and more traditional paths to financial security. From the bustling hubs of Little Saigon to the local nail salon industry and phở restaurants, our community typically prioritizes tangible investments and long-term stability—often centered around family remittances or navigating the complexities of F2B and EB-5 visas—over highly speculative, high-risk financial trading. For now, these volatile markets primarily attract a niche group of tech-savvy individuals with a high risk tolerance, rather than representing a mainstream investment shift across the diaspora.