George Santos Banned from Prediction Market Site Kalshi

Former Congressman George Santos faces a lifetime ban from the prediction market site Kalshi. This decision follows an investigation into insider trading allegations on betting platforms. According to Kalshi, Santos did not cooperate with the inquiry, prompting the ban.

Kalshi revealed that Santos made social media posts expressing enthusiasm about attending Trump’s State of the Union earlier this year. Meanwhile, he placed bets on Kalshi claiming he would not be attending. In reaction, Santos took to X to say, “Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”

Kalshi’s crackdown extended to others, including a North Carolina Congressional candidate, Laurie Buckhout, who placed wagers on her own campaign. Additionally, billionaire Stephen Cloobeck received penalties for betting on his former bid for governor of California.

The actions by Kalshi come amid concerns from election integrity experts. These experts worry that prediction markets might contribute to disorder in the upcoming November elections.

This report is based on an adapted audio segment by Bobby Allyn, as curated by an NPR editor.