Money rolls in on US election bets after judge clears way, but appeal looms
People began betting on which political party would win control of Congress in the November elections within minutes of a federal judge’s ruling allowing the bets — the only ones to be legally approved by a U.S. jurisdiction
ATLANTIC CITY, N.J. — People began betting Thursday on which political party would win control of Congress in the November elections after a judge's ruling allowing the wagers — the only ones to be legally approved by a U.S. jurisdiction.
New York startup company Kalshi began taking what amounts to bets on the outcome of the November congressional elections after a judge refused to block them from doing so.
The ruling by U.S. District Court Judge Jia Cobb in Washington enabled the company, at least temporarily, to offer prediction contracts across the country— essentially yes-or-no bets — on which party will win control of the Senate and the House in November.
“The Kalshi community just made history, and I know we are only getting started,” said Tarek Mansour, a co-founder of the company. “Now is finally the time to allow these markets to show the world just how powerful they are at providing signal amidst the noise, and giving us more truth about what the future holds.”
But the activity could prove short-lived. The Commodity Futures Trading Commission, an independent federal body which last year prohibited the company from offering such bets, said it would appeal the ruling as quickly as possible, citing the possibility of people trying to manipulate the election for financial purposes.
Kalshi did not say whether it intends to offer bets beyond the ones posted Thursday for congressional races, including potentially taking bets on the presidential race.
It also was not immediately clear whether
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