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Veuer
  • 9/17/2024
Amid the explosion of legal gambling in the U.S., some things have remained off-limits, including betting on the outcome of U.S. elections, but that could be about to change.
Transcript
00:00Amid the explosion of legal gambling in the U.S., some things have remained off-limits,
00:05including betting on the outcome of U.S. elections, but that could be about to change.
00:10In early September, financial exchange startup Kaoshi won its battle to provide the chance
00:16for folks to place bets on which party will control Congress next year.
00:20The Commodity Futures Trading Commission contends that regulated election betting markets are
00:25illegal under both federal and state law.
00:28It appealed the ruling, expressing concerns that betting could lead to elections being
00:33manipulated for financial gain.
00:36Money Talks News notes that Kaoshi quickly rolled out what was the first fully regulated
00:41market for election betting.
00:43Bets poured in on whether Democrats or Republicans would control Congress after November's elections.
00:49By mid-month, the District of Columbia Circuit halted all betting until it could weigh in
00:55and rule on the matter.
00:57Experts say the status of the bets already accepted by Kaoshi remains unclear.

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