Kalshi, a prediction market platform, has imposed a lifetime ban on former Republican Representative George Santos, marking the first instance of such a severe penalty in the company’s history. The decision follows allegations that Santos placed a bet on his own attendance at President Trump’s State of the Union address, reportedly earning $17,839 from the wager. Kalshi’s compliance department determined that there was “reasonable cause” to believe Santos had bet on an event he could influence, leading to both the lifetime ban and a fine of $71,356.
In addition to Santos, Kalshi penalized and suspended several political candidates accused of betting on their own races, including Ben Midgley, Laurie Buckhout, and former California gubernatorial candidate Stephen Cloobeck. Kalshi justified the sanctions by stating that as individuals capable of influencing the outcomes of the events they bet on, these candidates were prohibited from trading in related markets. Santos responded to the ban on X, expressing indifference to the lifetime exclusion from the platform. The ban comes after a separate CFTC settlement with Santos two months prior, in which he agreed to pay an additional $35,000 related to the same conduct. Source