A senator tried to ban gambling on prediction markets—now she's a Kalshi lobbyist
Sen. Blanche Lincoln wrote law that let US ban sports-event contracts. She lobbies for the other side now.
In July 2010, Senator Blanche Lincoln (D-Ark.) expressed concerns about prediction markets during Senate discussions on the Dodd–Frank Wall Street Reform and Consumer Protection Act. She warned that, if unregulated, these markets could skirt gambling laws by offering "event contracts" enabling individuals to bet on sporting events like the Super Bowl, Kentucky Derby, and Masters golf tournament.
Lincoln, who played a crucial role in shaping the law that governs prediction markets, emphasized that such contracts would lack any legitimate commercial purpose and would be used exclusively for gambling. Today, Lincoln serves as a lobbyist for prediction market firm Kalshi and has successfully lobbied the Commodity Futures Trading Commission (CFTC) to permit sports gambling on these markets.
The company she co-founded has received $480,000 from Kalshi since 2024 in exchange for advocating for reduced regulation of event contracts in Congress and with the CFTC.
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