Prediction markets already get a bad rap online from some social media users, and now a new app that blends livestreaming and live betting is unleashing a new wave of social media outrage.
In a poll earlier this year, 29% of Americans said they viewed the growing popularity of prediction markets as negative, compared to just 19% who felt it was positive. Another poll found that 61% of Americans see betting in a prediction market as closer to gambling than to investing, while overall gambling activity continues to decline in the U.S.
Despite it all, prediction market usage is steadily rising, particularly among young men. More than one in four American men ages 18–24 report using a prediction market, sports betting, or other gambling platform within the last six months.
Now, they might just do that gambling on CRSHMARKET, a prediction market that mashes up Twitch and Kalshi to create a product some social media users are dubbing it dystopian.
‘Predict on anything’: CRSHMARKET goes viral
Though CRSHMARKET launched earlier this summer, it was its latest ad that caught the internet’s attention.
The ad, posted on August 19, begins with a young man on the phone with his father, who tells him that he needs to give up on streaming and find a real job. After hanging up, he logs online for another day of livestreaming (out of a fully furnished geodesic dome in the wilderness).
Once he’s online, the streamer’s numbers start climbing as viewers bet in real time on how his livestream will play out. Will he land a water bottle flip? Fit more than 20 marshmallows in his mouth? Sing a pop song? Every market closes once an outcome is reached, with viewers ostensibly getting paid out for their wagers.
As the stream winds down (and the total volume of money bet during the livestream reaches $999,000), the streamer gets one final bet. It’s from his father, predicting that he’ll be able to do a backflip. The wager comes with a comment: “I’m proud of you.”
The video closes with CRSHMARKET’s tagline, “Predict on anything.” On X, the ad has already garnered six million views.
‘We live in hell’: Social media crashes out
Social media users were quick to call out what they claim are apparent flaws in CRSHMARKET’s model, including the potential for insider trading. Replying to one comment raising those concerns, the CRSHMARKET account simply replied, “We got that covered ;).”
Others took moral issue with the platform, including how it encourages online gambling and for streamers to exploit themselves. “We live in hell,” one user wrote in response to the video.
“We should nuke whatever this is,” suggested another.
A third user said the platform exemplified why prediction markets need regulation. “We gotta outlaw these things,” they commented.
Several commenters also compared the platform to something out of a Black Mirror episode. The Season 7 premiere of the sci-fi series featured a livestreaming platform called “Dum Dummies,” where streamers could earn money by performing increasingly degrading acts based on viewer suggestions—not a far cry from what you might imagine streamers could get up to on a platform like CRSHMARKET.
“I’m out on anything that reminds me of a Black Mirror episode,” one user posted.
CRSHMARKET’s platform is already live, but it currently only lets users predict the outcomes of video games including Among Us and Rocket League. The CRSHMARKET team has previously experimented with betting via person-on-the-street interviews, running a livestream in July where viewers could predict things like a stranger’s salary or sexual body count.
It’s unclear when livestreams like the one featured in CRSHMARKET’s ad, which would be more freeform, will be available on the platform. CRSHMARKET has not responded to Fast Company’s request for comment.