Former Congressman George Santos has received a lifetime ban from Kalshi, a prediction market platform. The ban follows an investigation into accusations of insider trading on betting markets. According to Kalshi, Santos was banned after failing to cooperate with the investigation.
Evidence found by the company showed Santos sharing social media posts expressing his excitement to attend Trump’s State of the Union earlier in the year. Simultaneously, he placed bets on Kalshi, predicting he would not attend the event. In response to the ban, Santos posted on X: “Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”
Kalshi’s enforcement actions are not limited to Santos. The site also took action against North Carolina Congressional candidate Laurie Buckhout, who wagered on her own campaign. Additionally, billionaire Stephen Cloobeck faced penalties for betting on his now-abandoned gubernatorial run in California.
This crackdown by Kalshi comes amid fears from election integrity experts who warn that prediction markets might create chaos in the upcoming November elections.
The audio report was originally adapted by Bobby Allyn and shared by an NPR editor.
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