Legal gambling on the presidential election and Congressional races got the greenlight Wednesday — and betting could start as soon as this week. The Court of Appeals in DC declined to issue a…
Legal gambling on the presidential election and Congressional races got the greenlight Wednesday — and betting could start as soon as this week.
Kalshi, a betting exchange startup, had sued the CFTC for the right to host gambling markets on Congressional elections.While the CFTC could still potentially appeal to higher courts to reverse the original District judge’s ruling, it is unlikely that the case would be heard in time to immediately block legal betting on Donald Trump vs. Kamala Harris, or the races for the U.S. Senate and House of Representatives next month.
Kalshi is a startup founded by MIT graduates whose backers include Sequoia, Y Combinator and private equity maven Henry Kravis. Earlier this year, senator Elizabeth Warren and several Democrats in Congress urged regulators to block Kalshi from offering election markets.. “Without this rule, voters will wonder if their vote mattered, and whether the outcome of the election was influenced by big money bets.”The Court of Appeals argued Wednesday that the CFTC did not prove this would be the case.
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