Prediction market Kalshi issued its first-ever lifetime ban to former congressman George Santos after finding he bet on markets tied to his own attendance at Trump's State of the Union address while publicly making misleading statements to move contract prices. Kalshi's compliance team found Santos profited nearly $18,000 from the scheme and fined him $71,356, while the CFTC separately ordered him to return his profits and paid its own $17,500 penalty.
futurism.com
· 2026-09-02
Prediction market platform Kalshi has permanently barred former Congressman George Santos from its service, marking the company's first-ever lifetime ban. The action stems from allegations that Santos manipulated betting markets tied to whether he would attend President Trump's State of the Union address earlier this year.
gizmodo.com
· 2026-08-31
Prediction market Kalshi has permanently banned former Rep. George Santos and fined him $71,356, citing his lack of cooperation during an internal insider-trading probe. Santos had profited over $17,500 by betting he'd skip the State of the Union, then selling those contracts after publicly claiming he'd attend. He previously settled separate CFTC charges over the same scheme, paying more than $35,000 and receiving a three-year trading ban from the agency.
news.slashdot.org
· 2026-08-31
Prediction market Kalshi has permanently banned former Rep. George Santos after finding reasonable cause he bet on whether he would attend Trump's State of the Union address, allegedly netting him nearly $18,000. Kalshi also fined him over $71,000 and separately suspended or penalized several other political candidates, including Ben Midgely, Laurie Buckhout and Stephen Cloobeck, for allegedly wagering on their own races.
techcrunch.com
· 2026-08-31
Prediction market Kalshi has teamed up with The Weather Channel to verify outcomes of trades tied to weather events, including bets on record temperatures and extreme conditions. The partnership aims to add credibility to Kalshi's weather markets by using an established meteorological source for settling wagers.
fastcompany.com
· 2026-08-31
Kalshi, an online prediction market, announced it has permanently banned former Republican Congressman George Santos after determining he likely used insider knowledge to profit from a bet against his own attendance at the State of the Union address. The company said this marks the first permanent ban it has ever issued.
fastcompany.com
· 2026-08-31
Prediction market Kalshi has permanently banned former congressman George Santos and fined him $71,356, marking the platform's first-ever lifetime ban. Santos had allegedly profited over $17,500 by betting he'd skip the State of the Union due to travel issues, then selling those contracts after claiming publicly he would attend. Kalshi says it flagged the scheme to regulators and imposed the harsher penalty because Santos failed to cooperate fully with its internal investigation.
engadget.com
· 2026-08-31
Kalshi issued its first-ever lifetime ban against former Rep. George Santos and fined him $71,356 for insider trading and market manipulation. Santos had placed bets on whether he'd attend Trump's February 2026 State of the Union address, then posted misleading claims about attending to move contract prices before revealing he was actually at an airport. Kalshi froze his account and referred the case to the CFTC, which he settled with earlier this summer for $35,000.
wired.com
· 2026-08-31
A federal appeals court ruled Friday that Nevada may enforce its gambling statutes against Kalshi's sports-related prediction contracts, rejecting the company's claim that CFTC oversight shields it from state gaming law. The Ninth Circuit panel called Kalshi's sports event contracts functionally identical to sportsbook bets and dismissed its attempt to distinguish them as disingenuous.
techspot.com
· 2026-08-31
The 9th US Circuit Court of Appeals rejected Kalshi's bid to stop Nevada from regulating its prediction market operations, siding with the state's gambling regulators and attorney general who sued Kalshi in February for allegedly operating without a sports gambling license. The ruling adds to a patchwork of conflicting state and federal legal outcomes for Kalshi, which also faces action from Connecticut, Rhode Island, New York and Arizona, even as a separate court found New Jersey lacks authority to regulate the platform.
engadget.com
· 2026-08-29
The 9th U.S. Circuit Court of Appeals ruled in a Nevada case that betting on sporting outcomes does not qualify as a federally regulated 'swap' under the Commodity Exchange Act, rejecting the broad interpretation that prediction-market firm Kalshi has relied on to argue states can't block its sports contracts. The decision undermines the reasoning Arizona federal judge Michael Liburdi used earlier this year to block Arizona's attorney general from prosecuting Kalshi under state gambling laws.
azmirror.com
· 2026-08-28
A unanimous three-judge panel on the US Court of Appeals for the 9th Circuit ruled that Nevada can enforce its gambling laws against Kalshi's sports-related event contracts, rejecting the company's claim that federal commodities law shields it from state oversight. The decision upholds a lower court order allowing Nevada's Gaming Control Board to act against Kalshi, Crypto.com and Robinhood over sports-event contracts offered on their platforms.
arstechnica.com
· 2026-08-28
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