This One High School Class Is Worth $100,000

A Baylor College of Medicine pediatrician just told Texas lawmakers that "high school seniors are legally walking around with Vegas in their pockets." Lindy McGee was describing prediction-market apps such as Kalshi and Polymarket, where users as young as 18 bet real money on soccer games, elections and pop-culture outcomes. The Texas Medical Association wants the minimum age raised to 21.

The apps sit in a regulatory gap. The federal Commodity Futures Trading Commission (CFTC) oversees them, and they aren't legally classified as gambling. Texas already bans most betting, but a state effort to close the loophole is stalled in a lawsuit the platforms filed themselves.

While I agree that Texas is on the right track, it is also important to recognize that raising the age for access to these apps isn't the same as teaching financial literacy.

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