Healthcare students are using betting apps to cover school costs, Clasp says

Healthcare students are using betting and prediction-market platforms to help cover tuition and living costs, according to a new report from workforce infrastructure company Clasp. For retail investors, the finding points to a broader shift in how financial stress is pushing consumers toward apps that mix market-style wagers with gambling-style risk.

Clasp said about two-thirds of healthcare students who use prediction markets and betting sites believe the platforms can help pay for their education. The report was based on a survey of 1,000 respondents conducted by Pollfish from June 16 to June 28.

A prediction market lets users place money on the outcome of future events, such as elections, economic data or other measurable results. Betting platforms can also include sports wagering apps. Clasp named Kalshi and FanDuel as examples of the kinds of platforms students reported using.

The behavior is frequent, according to Clasp. More than 70% of healthcare students in the survey said they use platforms such as Kalshi or FanDuel at least a few times a week. But the financial results were mixed: fewer than half of respondents said they had made money.

The report showed a wide range of outcomes. One healthcare student reported winning more than $50,000, while another reported losing an amount in that range. Fourteen respondents said they made more than $5,000, while two said they lost about the same amount. Most students reported gains or losses between $100 and $1,000, according to Clasp.

“These students aren’t betting for fun,” Tess Michaels, Clasp’s CEO, said in the report. “They’re budgeting winnings into their tuition plans, and most of them are barely breaking even.”

Student financing pressure is part of the backdrop

The survey comes after the Trump administration expanded the list of graduate degrees eligible for higher borrowing limits. Clasp said healthcare programs such as nursing are now among the programs that qualify, after initially being treated as nonprofessional degrees that faced tighter borrowing caps. Pharmaceutical sciences programs remain outside the expanded list, according to the report.

Nearly 70% of respondents said they began using prediction markets or betting platforms to help pay for school or living expenses, Clasp found. Michaels said healthcare students face both high costs and limited time, which can make fast access to cash appealing even when the risks are high.

“Time is really precious in healthcare, and there are different jobs that you can do to try and earn extra cash,” Michaels said. “And so the fastest routes to being able to get access to cash are probably going to win.”

Clasp also found that students are using other ways to fill funding gaps. The report said 56% of respondents are relying on resources such as credit cards or content creation on TikTok, OnlyFans, YouTube or Substack to support tuition or living expenses.

Nearly 30% of respondents said they cannot reliably cover a month of expenses, according to Clasp. Michaels said private loan requirements can also limit options for students who do not have family support.

“Graduate students require a cosigner to get access to a private loan, which is code for wealthy parents,” Michaels said. “So if you don’t have a wealthy parent, how are you going to supplement [school]? It’s through outlets like this.”

The report also showed a gender gap in platform use. More than 80% of Clasp’s total respondents were women, but nearly half of male students said they used prediction markets or betting platforms, compared with about one-fifth of women.

This story draws on original reporting from CNBC.