US Court Legalizes Presidential Election Betting

A recent court ruling has legalized betting on the upcoming U.S. presidential election, allowing Americans to wager on whether Vice President Kamala Harris or former President Donald Trump will emerge victorious. The prediction market Kalshi, which is now operational, enables traders to place bets worth up to $100 million on election outcomes, following a successful appeal against the Commodity Futures Trading Commission's (CFTC) objections. Kalshi's CEO emphasized that these betting markets could provide valuable insights into political outcomes amid the electoral noise. The legal landscape for election betting changed significantly after a Washington D.C. court upheld Kalshi's right to operate, marking the first time such betting has been permitted in nearly a century. This development could lead to increased engagement in political betting, reflecting the public's keen interest in electoral outcomes. However, the legality and implications of such markets continue to raise questions regarding the integrity of the electoral process.