Morgan Stanley intern survey puts prediction markets inside Wall Street

Morgan Stanley's annual summer intern survey, conducted across more than 500 North American interns, found that 25% had used a betting or prediction market application in the prior twelve months. The bank included questions about betting habits for the first time in the survey's history.

Among those who reported using such platforms, more than half said they had used multiple apps. Many respondents are 21 or younger, placing them below the minimum age threshold that applies to sports betting in most US states. Several prediction market platforms permit account opening at 18.

The National Council on Problem Gambling has separately found that 37% of adults aged 18 to 34 had used a prediction market, a figure that frames the Morgan Stanley data as a sample of a broader pattern rather than a Wall Street anomaly.

Morgan Stanley has updated its employee code of conduct to address prediction market trading. Goldman Sachs has prohibited employee trading in financial and political event contracts on yes-or-no exchanges. Novig, a sports-focused peer-to-peer platform, adopted a nationwide 21-plus age requirement ahead of the current NFL season, making it among the first event contract operators to align its floor with state sports betting law.