Kalshi Research, a unit of prediction market platform Kalshi, published a report titled "Who Trades Prediction Markets?" in October 2026. According to ChainCatcher, the study examined the makeup of prediction market traders using administrative records and survey data, then compared the results with a general population sample.

The administrative data covered each direct Kalshi trader's residential ZIP code from January 2026 and was benchmarked against median household income from the U.S. Community Survey. The survey was sent in September 2026 to 2,360 accounts with the highest profit and loss across market categories excluding sports and special categories; 325 responses were completed, for a 13.8% response rate.

The report said the median income reflected by traders' residences was close to the national level, with the modal income band crossing $80,734, and only 6.3% living in ZIP codes with median income above $150,000. Among the highest profit and loss traders, 82% had never worked full time at an investment bank, hedge fund, private equity firm, or proprietary trading firm, 91% were not full-time traders, and 65% said they were largely or entirely self-taught in markets and probability. Compared with 1,005 U.S. adults, the group scored 2.42 out of 4 on the Berlin Numeracy Test versus 0.62 for the public, and 93% resisted the gambler's fallacy versus 57% of the public.