Kalshi permanently bans George Santos over State of the Union speech bets

Prediction market company Kalshi has permanently banned former US Congressman George Santos and fined him over $71,000 for betting on his own attendance at a State of the Union address. Santos, who was expelled from the House in 2023, was also fined by the US Commodity Futures Trading Commission for alleged market manipulation related to this incident, which involved making false social media statements to benefit his wagers and then not attending, earning him nearly $18,000. His lawyer, Joe Murray, stated Santos "never intended to manipulate any market."

• Kalshi also imposed penalties and temporary suspensions on three current and former political candidates from Maine, California, and North Carolina for allegedly betting on their own races.
• Laurie Buckhout, a Republican nominee, received a $2,600 fine and a three-year suspension, calling her wager "a dumb mistake."
• US regulators previously fined Gabriel Perez, a former White House teleprompter operator, for wagering on information about Trump's speeches.
• Experts suggest the rise in election betting will challenge prediction markets' ability to prevent insider trading.