Polymarket, a cryptocurrency-based event betting platform, has seen substantial engagement for U.S. political bets despite prohibiting U.S. users, highlighting a complex legal landscape.
The CFTC expressed concerns that even a short listing of election contracts could undermine confidence in elections, suggesting that betting on election outcomes poses integrity risks.
Kalshi, a startup facilitating cash bets on events, successfully challenged the CFTC's ban on political betting, marking a significant moment for legalizing election-related betting markets.
While sports betting has gained legal acceptance in many states, betting on political outcomes remains contentious, with the potential for stricter regulations if the law clarifies.
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