George Santos Faces Lifetime Ban from Kalshi

Former Congressman George Santos has been issued a lifetime ban from the prediction market site Kalshi. This decision follows an inquiry into allegations of insider trading within betting markets. The announcement was made after Santos failed to cooperate with Kalshi’s investigation.

Kalshi has launched several enforcement measures targeting suspected insider traders. The company revealed that Santos was barred after they discovered that he shared social media posts expressing enthusiasm about attending a Trump State of the Union event. However, during this period, he placed bets on Kalshi predicting he would not attend.

In reaction to the ban, Santos wrote on the platform X: “Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”

Kalshi’s actions also targeted others involved in dubious betting practices. Laurie Buckhout, a Congressional candidate from North Carolina, was penalized for wagering on her own campaign. Additionally, billionaire Stephen Cloobeck faced consequences for betting on his now-abandoned gubernatorial campaign in California.

This crackdown arises amid growing concerns from election integrity experts. They worry that prediction markets could lead to disorder in the upcoming November elections.

This report was initially adapted from an NPR audio segment by Bobby Allyn.