Gigi Alcaraz was trying to put herself in Taylor Swift’s shoes.
The prediction market Kalshi was letting people bet on whether the pop star would say the word “ring” during a TV appearance soon after her engagement to NFL player Travis Kelce. Alcaraz bet Swift wouldn’t. She ended up winning $50.
“I actually felt like I knew what I was doing,” she said.
The 23-year-old is part of Kalshi’s ambitious plans to win over women and expand its universe far beyond the sports wagers that have powered its explosive growth thus far.
Kalshi reached out to Alcaraz last year after seeing her social-media posts about prediction markets, and has since paid her to post about bets. The company is also collecting feedback from female customers, hosting in-person events—like a coming watch party for “The Bachelorette”—and featuring young women in ads and paying users such as Alcaraz.
Kalshi is looking to reach beyond its base of young men by offering bets on everything from politics to the economy to pop culture. The efforts are paying off; the company says women now account for 26% of users on its platform, up from 13% 10 months ago.
“Ten years from now, I think the breakdown of the population on Kalshi is going to be a matchup of the breakdown of the population in the U.S.,” Kalshi co-founder Luana Lopes Lara said in an interview.
Lopes Lara said prediction markets could appeal to young women by catering to their interests and expertise in ways that traditional financial markets haven’t.
Wagers on Kalshi recently spanned topics including the 2028 presidential election, the latest season of “Survivor” and what Melania Trump might say during her address to the United Nations.
Bets on Kalshi and rival Polymarket have raised concerns about insider trading. The platforms also came under scrutiny after users placed short-term wagers that Iran’s Supreme Leader, the Ayatollah Ali Khamenei, would be out of power, before the leader was killed.
Prediction-market proponents say they aren’t gambling, and that they channel the wisdom of crowds to predict future events with greater accuracy than polls.
Not everyone is sold on the idea. Stella Case, a 19-year-old student in Massachusetts, said she was surprised when members of her college investing club—who are mostly male—said they have tried prediction markets.
“I don’t think you’re investing in a real asset, you’re investing in an outcome,” said Case, who prefers traditional investments like stocks and exchange-traded funds. “It doesn’t really speak to my risk profile.”
Jenna Blackwell, 24, said that her boyfriend in college would bet on sports but she never understood the appeal.
“A lot of money seemed to be thrown away on that,” said Blackwell, who works for a nonprofit trade association in Indianapolis.
Diversifying beyond sports could have other benefits for Kalshi, which has faced legal challenges that claim the platform violates state sports-gambling laws. Kalshi says its business is distinct from state-regulated sportsbooks and casinos, and that it is subject to exclusive federal jurisdiction.
“This idea that they’re mostly sports is not a great narrative for them,” said Dustin Gouker, a consultant in the gambling industry who writes a daily newsletter on prediction markets.
He said attracting traders across a variety of markets could help insulate Kalshi should its sports-betting business face continued legal threats.
So far this year, sports have accounted for roughly 65% of the trading volume on Kalshi and rival Polymarket, according to the crypto investing firm Paradigm. Polymarket has a data partnership with Dow Jones, the publisher of The Wall Street Journal.
Aggie Rozite also has been paid by Kalshi to post on social media. She cites a simple reason for wanting to get more women into prediction markets.
“The whole premise [of prediction markets] is the wisdom of the crowd,” said Rozite, who lives in New York and runs the account @KalshiGirls on X. “You can’t have only half the population giving wisdom.”
The 35-year-old business owner’s efforts have had mixed results. She has hosted events for prediction-market traders, for instance, only to draw mostly male attendees.
Heather Brown, a 33-year-old consultant and entrepreneur in New York, likes that she can make bets on familiar subjects.
“The barrier to entry is lower than understanding how to short a stock or stock options,” she said.
One bet she felt was a sure thing: That Ed Sheeran wouldn’t release a No. 1 album in 2025. She ended up winning $680.
