00:00Maybe some political folks were trying to make a statement here by betting on their own elections.
00:06At least that's what they're claiming here.
00:09Kalshi has taken the steps to ban some of these politicians for doing so, Dustin.
00:14But I guess let's start with the idea that at least a couple of these politicians say that they were
00:19trying to make a point in doing this.
00:21Is that accurate?
00:22And do you buy that?
00:24Maybe, yeah.
00:25The main story is, again, wild world.
00:28This all happened last week, I promise you.
00:30Three candidates, Kalshi divulged that they're investigating three candidates that actually placed bets on themselves on elections that are taking
00:38place in primaries around the country this spring and summer.
00:43Two were for the House of Representatives.
00:44One was a Senate candidate in Virginia.
00:47Yeah, the latter, the Senate candidate in Virginia said he was actually making a point.
00:55He wanted to be caught.
00:56I'm not sure I buy that.
00:57But, you know, I think he was messing around and he got caught.
01:00That's Mark Moran, who's got very little chance to actually be, to actually win in the Senate in Virginia.
01:07But, again, knock on effects of we now have betting on elections and people are using Kalshi and other prediction
01:14markets to wager on what's happening.
01:17And, you know, again, good that they got caught, but we also – it wouldn't exist if Kalshi didn't exist
01:22and we didn't have election betting.
01:24So people are trying to figure this out in real time.
01:26None of these people are going to jail.
01:28This was not referred to the Department of Justice.
01:30But, you know, they were fined.
01:33Moran said he's not, you know, he's not complying with what Kalshi said and faces a pretty big fine for,
01:39again, for trading on himself.
01:41He also traded on whether he would actually run for office, which for me is the bigger issue.
01:46He said there's markets on, again, everything.
01:48And there's a market that said, will this person run for office?
01:50Moran was included and then placed a bet on himself that he would indeed run for office.
01:56Again, crazy times.
01:58One of the people involved also is trying to ban prediction markets in Minnesota.
02:04He was actually, again, caught betting on himself, admitted it, and then, you know, at the same time, he is
02:10trying to get a bill through Minnesota, which is active right now, trying to ban prediction markets in the state.
02:16So, yeah, we're just learning in real time about all these effects of prediction markets and how they impact the
02:23real world and in sometimes real material ways.
02:25Again, looking back to the soldier, like that's a national security issue, right?
02:28He's divulging through a market that he's betting on Maduro being captured.
02:33And, you know, I think we're still learning a lot of the knock-on effects of what's going to happen
02:37from prediction markets as they grow.
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