After Bankruptcy, He Self-Excluded from Sportsbooks. Then Kalshi Reeled Him Back In.

After bankruptcy, he was banned from sports betting sites. Then he found Kalshi

Thomas, 35, filed for bankruptcy after racking up $75,000 in gambling debt, then self-excluded from DraftKings and FanDuel. Two years later, a Kalshi ad on Instagram offering a $20 bonus for $10 spent pulled him into prediction markets, where he lost over $25,000. Kalshi calls him a 'cherry-picked case,' but counselors say his story is increasingly common as prediction markets aggressively advertise without state-mandated self-exclusion protections.