By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Parami News

  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Search
© 2024 Parami News. All Rights Reserved.
Reading: Want to bet on US elections? This last-minute ruling has changed gambling rules
Share
Sign In
Notification Show More
Font ResizerAa

Parami News

Font ResizerAa
Search
  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Parami News > Blog > World > Want to bet on US elections? This last-minute ruling has changed gambling rules
World

Want to bet on US elections? This last-minute ruling has changed gambling rules

Atulya Shivam Pandey
Last updated: October 12, 2024 10:19 am
Atulya Shivam Pandey
Share
6 Min Read
Want to bet on US elections? This last-minute ruling has changed gambling rules
SHARE

[ad_1]

Want to bet on US elections? This last-minute ruling has changed gambling rules
Donald Trump and Kamala Harris (R)

Millions of dollars are being bet on the outcome of the US presidential election after a court ruling opened the door for legal political gambling, raising the stakes in an already tense and closely contested race.
With just weeks to the D-Day, November 5 vote, election contracts on platforms like Interactive Brokers are heating up, following a Washington court decision that allowed a startup, Kalshi, to offer election betting despite ongoing legal appeals.
By Friday, contracts for a Harris victory were trading between 48 and 50 percent, making it a near 50-50 split between Harris and Trump. More than $6.3 million has already been gambled on this matchup alone.
This comes on the heels of the October 2 ruling, which marks a pivotal moment in a long-standing regulatory battle over the legality of political betting in the United States.
Offshore markets, which have operated outside US regulators’ purview, have seen even larger sums, with more than $1.7 billion already placed on the Harris-Trump race through platforms like Polymarket. There, Trump holds a slight edge with 54 percent support versus 45 percent for Harris.
Supporters of election betting, or “event contracts,” argue that these markets offer a financial hedge against potential outcomes, akin to futures trading. “These contracts allow people to take a position on what they think is going to happen and manage their risk accordingly,” said Steve Sanders, executive vice president at Interactive Brokers, which has already seen more than a million contracts traded in a matter of days.
However, critics warn against widespread election gambling, especially in a politically polarised climate rife with disinformation. During recent court proceedings, Commodity Futures Trading Commission (CFTC) General Counsel Rob Schwartz raised concerns about the potential for misinformation to fuel bets.
“We live in a country where tens of millions believe the last election was stolen,” Schwartz said, highlighting the risks of undermining public trust in election integrity.
Despite these concerns, the court allowed betting to continue while the legal case against Kalshi moves forward. Judge Patricia Millett acknowledged the need for election integrity but said the CFTC hadn’t shown enough evidence that election contracts would cause harm.
While the legal fight goes on, political betting markets will likely stay open through Election Day, which could influence the future of legal gambling in the US. For advocates like Pratik Chougule, co-founder of the Coalition for Political Forecasting, the court’s decision is a big win. “It’s been a good year for political betting,” he said, hopeful that legal election markets will continue to grow.
Further court rulings may close political betting again, but this is unlikely to happen before the November 5 election, keeping the markets active for now.



[ad_2]

Source link

You Might Also Like

Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’

Governor Newsom slashed $100m from fire budget months before devastating California fires

Nine persons killed in road accident in NW Pakistan

Majority of attacks on minorities in Bangladesh ‘not communally motivated’ but ‘political in nature’: Police report

Trump picks Bill Briggs as deputy administrator of US small business administration

TAGGED:election integrityHarris victoryInteractive BrokersKalshipolitical bettingpolitical gamblingsteve sandersTrumpUS elections

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Natasa Stankovic shares rapport with Elvish Yadav, steps out with Hardik Pandya on his 1st birthday post-divorce , netizens reacted one after another! – Watch Videos | Hindi Movie News

 | Parami News Natasa Stankovic shares rapport with Elvish Yadav, steps out with Hardik Pandya on his 1st birthday post-divorce , netizens reacted one after another! – Watch Videos | Hindi Movie News | Parami News
Next Article Shabana Azmi to be felicitated by MAMI with Excellence in Cinema Award on October 18 : Bollywood News Shabana Azmi to be felicitated by MAMI with Excellence in Cinema Award on October 18 : Bollywood News

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow

Latest News

‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
Sports January 11, 2025
Graduation ceremony held for university colleges of engineering students
Graduation ceremony held for university colleges of engineering students
India January 11, 2025
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party

 | Parami News
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party | Parami News
Most Recent Stories January 11, 2025
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Sports January 11, 2025
//

We influence 20 million users and is the number one business and technology news network on the planet

Quick Link

  • About Us
  • Contact Us
  • Advertise With Us
  • DNPA Code of Ethics
  • Disclaimer
  • Privacy Policy

Top Categories

  • Business
  • Entertainment
  • India
  • Politics
  • Regional
  • Sports

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US
© 2024 Parami News. All Rights Reserved.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Welcome Back!

Sign in to your account

Lost your password?