Bill to Ban Election Betting Amid Integrity Concerns

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00:00All right, not surprising here, and you have an article about this over at legalsportsreport.com.

00:07There's a possibility, you know, again, a possibility because a bill has been introduced.

00:11One of the more peculiar items to bet on to me all these years has been the election.

00:17And it does seem like this one non-sports event, there's a chance that this ends up

00:21going away.

00:22But I guess the question I would ask, Pat, is why?

00:25Why is this being introduced to get rid of it?

00:27I get it.

00:28Why are they saying it?

00:29Yeah, I think there's a lot of integrity concerns around election betting.

00:34You know, a lot of money going into something that can have such a huge consequence on everything.

00:39That's kind of, I think, the main, you know, operative thought behind this.

00:46Representative Andrea Salinas and Jamie Raskin have introduced a bill that is the same as

00:51Jeff Merkley's bill to ban election betting.

00:55You know, there was a long fight kind of back from 2022, the trading platform, Kelshi,

01:03wanted to offer election betting, which is basically a stock platform versus actual,

01:09you know, sportsbook betting in that sense.

01:11So you buy into it and it creates a stock market like vibe and it can be done nationwide.

01:17And it got approval in October or September, October around there.

01:24Between then and election day, it had $900 million wagered on it on U.S. House, Senate

01:29and the presidential election.

01:30So it is a, you know, interested market there that exists for this product.

01:37But yeah, the politicians are kind of saying, wait a second, this isn't something we kind

01:40of want people to bet on.

01:42That seems like you're betting on America's future in a weird way in that sense.

01:46So they're taking it to potentially get rid of it and we'll see where it goes from there.