Retail traders are increasingly using parlay-style wagers on prediction-market platform Kalshi, helping drive $294 million in year-to-date net losses excluding fees and creating profitable opportunities for more sophisticated traders on the other side. Bloomberg reported that combo bets accounted for 36% of contracts this month. These wagers bundle multiple outcomes into a single position, similar to parlays in sports betting, and typically offer low implied odds with high payouts only if every leg is correct. One example tied to the World Cup final combined Spain leading at halftime, Argentina winning the match and either team scoring at least two first-half goals; that wager traded at a 2.7% implied probability at kickoff. The pattern highlights how prediction markets can mirror gambling behavior when retail users chase long-shot payouts.