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 its service and he was forced to pay back his winnings after he was accused of the dumb person’s version of insider trading.
He bet on himself to not attend the State of the Union address, then conveniently didn’t go.
For his trouble, he won (and will be forced to relinquish) more than $17,000; he’ll also have to pay more than $80,000 in total fines from Kalshi and the Commodity Futures Trading Commission.
Bill Simmons, the sports commentator, podcast host, and founder of The Ringer, had a different story.
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