He quit his day job to place bets on prediction markets Kalshi and Polymarket: “Last month, I made $100,000”

Online gambling has been growing in the United States after the Professional and Amateur Sports Protection Act (PASPA) was repealed in 2018. While only seven states allow residents to play online casino games, there are 30 that have legalized sport betting.

However, those who want to make a wager on real-world events can do so in every state in the nation on the prediction market Kalshi. The same is almost true for Polymarket, which was banned in the US for three years but relaunched in the states late last year after the Trump administration relaxed regulations.

This is because they are not a traditional sportsbook, instead operating as federally regulated financial exchanges, which offer “event contracts” on real-world outcomes. Some of the users of the prediction markets Kalshi and Polymarket are finding that they can make a handsome profit off the sites and are ditching their 9-to-5 gig to dedicate their time to placing bets on real-world events.

“Last month, I made $100,000”

Logan Sudeith, a 25-year-old living in Atlanta, is one of those who quit his job, he worked as a financial risk analyst, to make wagers on Kalshi and Polymarket. “My last salary was $75,000 a year, so I left my job to trade full time,” he shared with NPR, adding, “last month, I made $100,000.”

Overall, on Kalshi alone, his profit was over $302,000 on 15 January despite taking a heavy loss, his biggest ever, on Maduro being removed from power, according to a post on X.

However, winning that kind of money doesn’t come without effort. He told NPR that he spends about 100 hours per week making wagers on the two prediction markets, albeit most of the time while lounging on his bed. He shared that he has DoorDash deliver every one of his meals as he doesn’t have time to cook he’s so busy executing trading orders.

Not everyone who rolls the dice gambling on real-world events is so lucky though. NPR highlighted one user’s comments on Reddit about their losses.

“I’m down 2000 this week when I was up 1200 last week. Lost it all and keep trying to claw it back,” the person wrote. “So I don’t know what to tell you but right now I don’t have enough to pay my bills in my bank account so I can’t bet even if I wanted to.”

Like any gambling site, Kalshi says that any negative consequences of trades are the user’s responsibility. One of the company’s lawyers said on a panel at the National Council of Legislators from Gaming States this summer: “People are adults, and they’re allowed to spend their money however they want it, and if they lose their shirt, that’s on them.”

The down-on-his-luck trader acknowledged that himself in another post, writing: “Live and learn and pay for your mistakes.”

Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.

Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.