Judge Allows Bookmaker To Take Bets On US Elections

The Associated Press reports:

People began betting Thursday on which political party would win control of Congress in the November elections after a judge’s ruling allowing the wagers — the only ones to be legally approved by a U.S. jurisdiction.

New York startup company Kalshi began taking what amounts to bets on the outcome of the November congressional elections after a judge refused to block them from doing so.

The ruling by U.S. District Court Judge Jia Cobb in Washington enabled the company, at least temporarily, to offer prediction contracts across the country— essentially yes-or-no bets — on which party will win control of the Senate and the House in November.

Read the full article. The federal Commodity Futures Trading Commission warns that the ruling opens elections to manipulation by people who potentially have millions at stake. Hit the link.

A federal judge cleared the path for Americans to use derivatives to bet on events such as the outcome of US elections, dealing another blow to the regulator overseeing the market https://t.co/id5XXqbitl pic.twitter.com/1pitGd6xB5

— Reuters Legal (@ReutersLegal) September 12, 2024