Kalshi bans George Santos over State of the Union bets

Prediction-market company Kalshi permanently banned former US Representative George Santos and imposed a penalty of more than $71,000 after he bet on his own attendance at President Donald Trump’s State of the Union address. Santos was fined by the Commodity Futures Trading Commission last month over allegations of market manipulation tied to the incident. Kalshi and the CFTC said Santos made false social-media statements that benefited his wagers, then did not attend the address and earned nearly $18,000. Kalshi also announced penalties and temporary suspensions for three current and former candidates for political office in Maine, California, and North Carolina over alleged bets on their own races. North Carolina Republican candidate Laurie Buckhout said betting on herself had been a mistake and that she acted quickly after learning it was improper. Kalshi imposed a fine of about $2,600 and a three-year suspension. Kalshi and rival Polymarket have said they can identify and block suspicious activity as election betting expands. Santos’ lawyer did not immediately respond to a request for comment. Disclosure: This article was edited by Editorial Team. For more information on how we...