Kalshi, the preeminent prediction market platform in the United States, has teamed up with the NCPG to establish new guidelines around responsible trading. The National Council on Problem Gaming operates in the US, providing resources along with a live chat module to assist problem gamblers who reach out via hotline, email, or social media.
In a statement on Monday, the NCPG praised Kalshi for joining forces to promote responsible trading on the prediction exchange.
“NCPG’s goal has always been to mitigate harm by increasing education, awareness, and understanding of risky behaviors, while ensuring access to trusted, scientific, and evidence-based information and healthcare resources,” stated the council’s director, Heather Maurer.
“Innovation and responsibility can and must evolve together. Kalshi’s engagement demonstrates a commitment to mitigating harm before it occurs and ensuring support resources are accessible when they are needed.”
Similar to other trading activity, buying and selling shares of event contracts on the Kalshi app comes with its own set of risks. Traders stand to gain if they are correct in their forecasts, but will lose any monetary amount associated with incorrect predictions that they purchase. The risks involved with forecasting are not lost on Kalshi’s CEO.
“At Kalshi, we believe in the power of prediction markets, and we are sensitive to the fact that they, like any financial trading products, come with risks,” noted Kalshi’s co-founder Tarek Monsour in the official statement.
“As prediction markets continue to evolve, we are deeply committed to setting a new standard for responsible trading by investing in the tools, education, and protections needed to promote healthy participation and customer safety, and hope that over time all trading platforms with significant retail participation follow suit.”
Kalshi’s status as the predominant prediction market exchange in the US has resulted in additional security measures to protect account holders.The most recent update produced more in-app promotion of two-factor authentication (2FA) along with mandatory Face ID for users that have the feature activated on their mobile devices.
The prediction market exchange is also giving customers more tools to thwart potential underage use of the platform via unauthorized access of an adult’s account. Kalshi users can contact the exchange through email to learn about more ways to secure one’s mobile device or desktop computer so that it is less vulnerable to unauthorized use.
The new partnership between Kalshi and the National Council on Problem Gambling will help spread the NCPG’s responsible trading resources to users who may need them. While many non-profit endeavors are focused locally within a particular region of the country, Kalshi traders can contact the NCPG directly and interact with the live chat module from anywhere inside the United States.
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