Kyle Langford, a Republican candidate for governor in California, bet on himself to win the highest office in the state at Kalshi this weekend.
Langford posted a video on X of him placing the $100 bet, which will return $1330 if he is elected. The market rules do not specifically prohibit candidates from placing bets, but it could set a dangerous precedent.
California Governor Candidate Bets On Himself To Win OfficePlacing bets on themselves to win may not be so controversial, but it opens up the possibility of candidates backing themselves to lose, which could be more problematic.
Kalshi issued a statement on Monday over the bet, commenting, “We are aware of the recently publicized circumstance regarding a candidate trading on a market regarding their candidacy, and our compliance and surveillance teams are acting accordingly.”
Politics betting given all clear
California Governor Candidate Bets On Himself To Win Office.Kalshi CEO Tarek Mansour celebrated the withdrawal by posting on X, “Election markets are here to stay. Prediction markets have been banned, censored, limited and pushed out for decades. This win solidifies their right to exist and thrive.”
California Governor Candidate Bets On Himself To Win OfficeTrump paving the way for prediction markets
Donald Trump, Jr. joined Kalshi as a strategic advisor following his father’s victory, citing the market’s predictive value as the reason to get involved. He posted on X, “On Election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.
California Governor Candidate Bets On Himself To Win OfficeAfter assuming office, Trump Sr. nominated Brian Quintenz, a Kalshi board member, to lead the CFTC. Quintenz has yet to be confirmed in the role, but acting chair Caroline Pham has shown more leniency towards Kalshi as it expands into sports prediction markets.
California Governor Candidate Bets On Himself To Win Office with Elon Musk’s AI company, xAI, but the announcement was premature and withdrawn hours later.Musk’s social media platform X posted a denial of any deal, but did confirm interest in the prediction market space. The X account on the platform posted, “Recent speculation about xAI’s involvement in the prediction market space has been circulating. While we’re enthusiastic about the potential of this industry and engaged in various discussions, no formal partnerships have been confirmed to date. Stay tuned!”
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
