Fans watch Game 6 of the Eastern Conference Finals during an NBA playoffs watch party at a New York bar on May 31, 2025.David Dee Delgado | Getty ImagesA version of this article first appeared in the CNBC Sport newsletter with Alex Sherman, which brings you the biggest news and exclusive interviews from the worlds of sports business and media. Sign up to receive future editions, straight to your inbox.As prediction market trading volume booms, Truist analysts say there could be an unlikely source behind the surge. Analyst Barry Jonas wrote this week that 18- to 20-year-olds, who are too young to gamble legally in most states, could be contributing significantly to the growth of prediction markets.Specifically, data from HoldCrunch, founded by a former FanDuel executive, shows prediction platform Kalshi is taking more trades on college football than on NFL and NBA. While non-college students could still wager on college results, of course, the trend could offer a clue into the demographics of prediction platform users. HoldCrunch analyzes the data on an “OSB-equivalent handle” rather than on volumes alone. During the week ended Jan. 4, Kalshi’s college football handle hit its highest percentage of total at 32%, the prediction platform said. The NFL accounted for 24% of total wagers, and the NBA represented 22%. The tide has been shifting in that direction since October, according to Kalshi. Prediction markets — in which users can bet on the outcomes of events in everything from politics and world news to pop culture and sports — have skyrocketed in popularity with the help of platforms like Kalshi and Polymarket. They’re quickly filling a gap in the market in states where online sports betting is not legal. And in states where it is legal, online sporting betting is often limited to those 21 years or older. Kalshi and Polymarket are open to anyone 18 or older, with some state-by-state exceptions for sports and other certain trades. “It’s clear that these new offerings are havi …
