Three congressional candidates fined for betting on election outcomes
AP News
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Three congressional candidates are accused of betting on their own elections through the prediction market Kalshi.
On Wednesday, Kalshi said it fined and suspended the men for five years.
It is the latest case to highlight ongoing concerns about insider trading on prediction markets like Kalshi and Polymarket.
The accused include Mark Moran, running as an independent in Virginia; Zeke Enriquez, a former Texas Republican primary candidate; and Matt Klein, a Democratic state senator in Minnesota.
Moran admitted to betting $100 on himself.
He was fined $6,200, while Klein and Enriquez settled for smaller penalties.
Kalshi suspends candidates for betting
- Kalshi Fines and Suspends 3 Political Candidates for Betting on Their Races The New York Times —
- Kalshi suspends, fines 3 congressional candidates in 'insider trading' enforcement actions CNBC —
- Kalshi suspends 3 political candidates for betting on own races The Hill —
- Prediction market Kalshi docks three US candidates for betting on own races Al Jazeera —
- Kalshi suspends 3 political candidates for trading on their own elections Business Insider —