Kyle Langford, a Republican candidate for governor in California, bet on himself to win the highest office in the state at Kalshi this weekend.
California Governor Candidate Bets On Himself To Win Office 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.Kalshi previously sent out an email to users back in October about political markets, stating, “Spoiler alert: if you’re running for office or counting the votes, you’re sitting this one out.”
California Governor Candidate Bets On Himself To Win OfficeKalshi 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
Langford could yet see his bet voided, but the incident highlights the extent to which prediction markets have spread. Kalshi recently gained approval for political betting after the Commodity Futures Trading Commission (CFTC) withdrew a legal challenge.
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.
“I immediately knew I had to contribute to their mission. Today, I am proud to announce that I am joining Kalshi as a strategic advisor.”
After 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.
The ties between the Trump administration and Kalshi looked to be getting stronger when the company announced a partnership with Elon Musk’s AI company, xAI, but the announcement was premature and withdrawn hours later.
California Governor Candidate Bets On Himself To Win Office
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.
