Kalshi, the prediction market platform, has banned former Republican Rep. George Santos from its platform for life, the first such action taken by the company. The move follows allegations that Santos bet on whether he would attend President Trump’s State of the Union address, making $17,839 on the wager. Kalshi fined Santos $71,356 over the activity, stating that as a person capable of influencing the outcome of the underlying event, Santos was prohibited from trading in this market. The platform also penalized and suspended several other political candidates accused of betting on their own races. Santos responded on X, thanking Kalshi for the lifetime ban and wondering how long the platform would last.

Following the Kalshi ban, the CFTC settled with Santos, in which he agreed to pay an additional $35,000. The WSJ was the first to report on the ban, and now political betting platforms face a significant challenge in the wake of this incident.

This decision from Kalshi highlights the growing scrutiny around political betting and the potential conflicts of interest it may create. As more platforms and regulatory bodies take note, the future of political betting in the United States may well be in question. For now, it seems George Santos will be focusing on other pursuits.