Morgan Stanley: 25 per cent of interns used betting or prediction market apps
The investment bank’s annual survey found significant interest in betting and prediction markets among its North American summer interns, many of whom are aged 21 or younger.
S.- Around a quarter of Morgan Stanley’s summer interns in North America used a betting or prediction market mobile application during the past year, according to the investment bank’s annual survey. The study polled more than 500 interns and included questions about betting and prediction market activity for the first time.
The survey found that 25 per cent of respondents had used a betting or prediction market app during the previous 12 months. Among those, 55 per cent said they had used multiple apps.
The findings come as prediction markets face growing scrutiny over their popularity among younger consumers. While sports betting is generally available only to customers aged over 21 in states where it is legal, some prediction market platforms have allowed users to open accounts from age 18, although the sports-focused event contract platform Novig recently adopted a nationwide 21-plus age requirement.
The National Council on Problem Gambling has raised concerns about this discrepancy. Recent data from the organisation found that 37 per cent of adults aged 18 to 34 had used a prediction market.
The bank’s survey also examined whether prediction markets can consistently outperform traditional forecasting methods. Morgan Stanley noted that markets do not always hold a clear advantage over political polls or expert forecasts, while teams of so-called superforecasters have also outperformed prediction markets when their predictions were combined using statistical methods.
Morgan Stanley has reportedly introduced restrictions on employee participation in certain prediction markets, while Goldman Sachs prohibited trading in financial and political event contracts offered by yes-or-no exchanges.
