Yes, You Can Now Bet on Elections in the US
A federal judge has overturned the CFTC's ban on election betting, allowing Kalshi to offer bets on congressional races ahead of the November elections, raising concerns about public trust and electoral integrity.
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A federal judge has ruled that betting on election results in the United States can proceed, overturning a prohibition by the Commodities Futures Trading Commission (CFTC). The decision came after a lawsuit from Kalshi, a New York-based predictions market, which challenged the CFTC's ban on offering bets related to political outcomes. Judge Jia Cobb determined that the CFTC had overstepped its authority, stating that Kalshi's contracts do not involve unlawful activity. The ruling allows Kalshi to begin offering bets on congressional races, particularly ahead of the upcoming November elections. While some states still prohibit election betting, the ruling raises questions about the CFTC's ability to enforce a formal ban, especially as it plans to appeal the decision. Critics of election betting argue that it could undermine public trust in the electoral process and encourage interference. Proponents, however, claim that such betting markets can provide valuable insights and serve as a tool for businesses to hedge against political risks. The ruling is significant as it marks the first time in modern history that betting on U.S. elections will be legally permitted.
- A federal judge has overturned a ban on election betting in the U.S.
- Kalshi, a predictions market, successfully challenged the CFTC's prohibition.
- The ruling allows betting on congressional races ahead of the November elections.
- Critics warn that election betting could undermine public trust and encourage interference.
- Proponents argue that betting markets can provide valuable insights into political outcomes.
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