A group of congressional Democrats on Thursday introduced legislation that would ban prediction market bets on elections, government actions, war and sports, as scrutiny on the popular platforms intensifies.
Sens. Jeff Merkley, D-Ore., and Elizabeth Warren, D-Mass., and Rep. Jamie Raskin, D-Md., are leading the measure, which comes after a series of well-timed bets placed on world events — including the ousting of Venezuelan President Nicolas Maduro and the war in Iran — raised questions about prediction markets like Kalshi and Polymarket.
“When anyone can use prediction markets to make a well-timed bet on Congress passing a bill, government decisions, or a military strike, it’s ripe for corruption and erodes public trust,” Merkley said in a statement.
