Prediction market Kalshi suspended Republican House candidate Laurie Buckhout for 3 years after finding that she had placed bets on her own race.
Buckhout is challenging Democratic Representative Don Davis in North Carolina’s 1st Congressional District.
The Fine Costs More Than the Wager
Buckhout bought less than $1,000 in contracts related to her own candidacy, according to the disciplinary notice Kalshi published. She agreed to pay a penalty of $2,589.96, more than the bet itself.
Kalshi rule 5.17(z) bars any trader with direct or indirect influence over an event from trading that contract. A candidate on the ballot meets that test.
The prediction market said Buckhout cooperated with its inquiry. She accepted the findings and also agreed to the ban and the penalty.
“I bet on myself. Literally. It was a dumb mistake, and as soon as I learned there was an issue, I worked to make it right. Safe to say my career as a Kalshi trader was short-lived,” Laurie Buckhout said.
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Santos Got a Lifetime Ban, Buckhout Got 3 Years.
Kalshi has moved repeatedly in recent days. It imposed a lifetime ban and a fine of over $70,000 on former congressman George Santos on Monday after he refused to cooperate with investigators.
Days earlier, the Commodity Futures Trading Commission (CFTC) and Kalshi acted against a White House teleprompter operator over bets on Trump’s speech text.
Kalshi has been working to curb insider trading on its platform. The exchange introduced three market integrity measures in June.
Congress may push further. Representative Bryan Steil filed a bill in June that would ban lawmakers from betting on political outcomes, with fines and forfeited gains attached.
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The post Kalshi Bans GOP House Candidate for 3 Years After She Bet on Her Own Race appeared first on BeInCrypto.
