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…
My parents might have known something when they warned against the dangers of gambling. If George Santos and Bill Simmons had learned from their elders, they would not be facing severe backlash for exploiting unregulated "prediction markets" and online betting platforms. Kalshi, the online betting company, has revoked the right of former Congressman George Santos to use its services and he must repay his winnings after being accused of insider trading.
The disgraced politician placed a bet that he would not attend the State of the Union address, but he skated away from the event without a hitch, resulting in a hefty payout of over $17,000. Santos will also have to shell out more than $80,000 in fines imposed by Kalshi and the Commodity Futures Trading Commission.
Bill Simmons, a sports commentator, podcast host, and founder of The Ringer, has a different experience to share.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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