Prediction markets claim they’re unlike sportsbooks. For gambling addicts and clinicians, it’s all the same

Addicts say they both lead to the same result. The soccer coach had blocked himself from sportsbooks by the time he found prediction markets.The tax accountant said he “got the same high” on those platforms that he got from gambling. “That was how I relapsed — with Kalshi and Polymarket. I lost a bunch of money.”The rapid growth of prediction markets has sparked a high-stakes debate that is playing out in courts and legislatures all over the country. Operators of those companies believe they should be regulated like the stock exchange because of federal law and their customer-to-customer structure, while sportsbooks and state officials think they should be supervised the same way as sports gambling platforms.While that argument continues with no sign of resolution, the clinicians who treat gambling disorders are more concerned about what they are seeing with their patients. In their spaces, when it comes to sports gambling and prediction markets, the end result is virtually the same.Two gambling addicts who spoke to The Associated Press — the soccer coach and tax accountant — say they had relapses on prediction markets after they took legal action to protect themselves from the allure of sports betting. They are being identified by their occupations because of the sensitivity of their situations. Their stories reflect what experts say they see with some of their clients.“There may be real differences in how these products are defined or regulated, but in the therapy room, we are often seeing the same cycle of anticipation, action and reaction play out again and again,” said Dr. Cynthia Grant, the vice president of clinical for Birches Health, which operates a national network of providers for treating gambling addiction.“I sometimes think of it like different doors into the same room. The label on the door may change, but once someone’s inside, the experience can feel very familiar.”