Judge’s ruling opens door for legal betting on congressional elections
For the first time in U.S. history, residents are now legally allowed to bet on the outcome of congressional elections. This unprecedented opportunity emerged on Thursday after a judge ruled in favor of permitting such wagers, a decision that has placed Kalshi, a New York-based startup, at the center of this groundbreaking development. Shortly after the ruling, Kalshi began accepting bets on which political party would gain control of the Senate and House in November’s elections. The company, which offers “prediction contracts” — simple yes-or-no bets on political outcomes — is operating under a temporary allowance, as the legality of such betting remains under scrutiny by regulators. Despite multiple requests for comment, neither Kalshi nor its attorney provided further insight into the s...