Political betting could soon be legal—and it’s the last thing this election needs

A U.S. appeals court is weighing whether prediction market Kalshi can take bets on elections. Are we really ready to gamble on democracy?



As if elections in the United States weren’t already poisoned by money, there may soon be yet another way for people to pour theirs into the process. Late last week, a federal judge cleared the way for Kalshi, a startup exchange dedicated to “trading on the outcome of future events,” to take bets on which political party will control the House and Senate after the November election. Shortly thereafter, electronic brokerage firm Interactive Brokers announced that it, too, would allow its 3 million clients to bet on whether Vice President Kamala Harris or former President Donald Trump will win the White House this fall. 


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