After Losing $190K On Kalshi, California Man Says His Life Felt Over
One California man shared his story the morning after losing $190,000 on Kalshi bets on the midterm elections.
Jordan Wendt, a 33-year-old in Monterey, California, first posted about his experience on Reddit on Wednesday, then agreed to a video interview with GamblingHarm.org.
GamblingHarm.org reviewed a screenshot of his Kalshi account, which showed the $190,000 loss.
Wendt, who works in cost accounting at a food processor, said he feels distraught and ashamed after the losses.
‘Just So Stupid’
He originally used Kalshi in 2024, winning around $50,000 on the presidential election. For the 2026 midterms, he deposited $190,000 over several deposits, the cash he had saved plus liquidations of his long-term investments in Tesla and the S&P 500.
“I know I’m just so stupid,” he said of his wagers on Republicans retaining control of the Senate. Wendt said he thought Republicans had value, since they were roughly 70-30 underdogs on election night to control the upper chamber of Congress.
Wendt’s bets were just part of the roughly $330 million in trading volume in the Senate market on Kalshi. Democrats won control of the chamber, along with the House.
The CFTC regulates Kalshi’s election gambling markets.
So far, he said, “I’ve kept it to myself. I tried to go to sleep, but I literally could not, lying there with my mind racing. My mind went to really bad places, thinking my life was all over.”
“I just thought I could get ahead,” he continued. “I’m the typical young man thing. I know my life isn’t over, but it feels like it. It took a long time to accrue that money, and it was just so stupid. I guess you could say I’m a microcosm of the male loneliness thing. My friend moved away, and I live with my dad. No dating.”
Wendt said he is embarrassed to tell his accountant about the loss. He hopes it will provide some tax relief by offsetting investment gains. The tax treatment of Kalshi election contracts remains uncertain, according to reports.
Road Ahead
Wendt said he’s done gambling on Kalshi and has no urges to chase his losses.
“I’m being honest when I say I don’t have any compulsion. I don’t want anything to do with it [gambling] from here on out. My sister’s wedding is in a few weeks. I’ll try to put on a good face for that.”
Wendt received some negativity on Reddit because he still has net worth after the $190,000 Kalshi loss. He hasn’t lost everything to his name.
“I can shake off the comments,” he said. “I don’t understand the trolling [accusations], unless people in there [r/ProblemGambling] gamble until they’re destitute.”
Many threads in the forum involve people who say they’ve lost everything financially.
Wendt hasn’t lost everything. He has, though, lost $190,000, saved and invested over years, on a single election night. His willingness to speak publicly about the experience reminds us that gambling harm can happen fast.
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