Former Congressman George Santos faces permanent exclusion from the prediction market site Kalshi. This decision follows an investigation linked to insider trading accusations on betting markets.
The announcement came with actions against several individuals suspected of insider trading. Kalshi reported that Santos failed to cooperate with the investigation, resulting in the lifetime ban. It was discovered that Santos had shared social media posts expressing enthusiasm for attending Trump’s State of the Union earlier this year, even as he bet on Kalshi that he would not be attending.
Santos reacted to the ban by posting on X, stating, “Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”
Kalshi also took action against other figures including North Carolina Congressional candidate Laurie Buckhout, who placed bets on her own campaign, and billionaire Stephen Cloobeck, who wagered on his discontinued California gubernatorial bid.
These enforcement actions come amid concerns from election integrity experts who warn that prediction markets could potentially cause disturbances in the upcoming November elections.
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