Prediction markets have become America’s new national pastime | Dave Schilling
My parents’ generation may have been on to something when they railed against gambling. If only George Santos had listened If only George Santos and Bill Simmons had my parents, they wouldn’t be facing down a hailstorm of condemnation for circumventing the basic rules and regulations of dubious “prediction markets” and online gambling. Kalshi just banned the former congressman George Santos from…
Prediction markets, long dismissed by older generations as a form of gambling, have found a new audience in America. The rise of online platforms has brought these markets to the forefront, attracting both enthusiasts and controversy. Famous figures like former congressman George Santos and sports commentator Bill Simmons have found themselves entangled in the world of prediction markets, facing both financial gains and penalties.
George Santos learned the hard way the importance of adhering to the rules of prediction markets. He bet on himself to skip the State of the Union address, only to find himself forced to relinquish over $17,000 in winnings after being accused of insider trading. To add insult to injury, he must also pay more than $80,000 in fines from Kalshi, the platform involved, as well as the Commodity Futures Trading Commission.
Bill Simmons, on the other hand, has had a different experience with prediction markets. As a sports commentator, podcast host, and founder of The Ringer, he has taken advantage of the platforms to make informed bets. However, even Simmons has faced consequences for his participation, as Kalshi banned him from its service following the controversy surrounding Santos.
Written by urgent.news from The Guardian US's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
