Categories: Finance and Commerce

Kalshi shuts down betting on fate of alleged assassin Luigi Mangione

Betting markets like Kalshi are able to launch trades on hot-button issues in less than a day without prior approval from the CFTC. While the agency cannot stop contracts before they go live, it can pause trading for a review period.

Kalshi, which surged in popularity by providing the first legal election betting in the US in more than a century, offered so-called event contracts two days after the feds collared Luigi Mangione at a Pennsylvania McDonald’s on Dec. 9.

Mangione-related contracts are still being traded on other platforms, including crypto-only betting market Polymarket, which claims it hasn’t allowed US users to trade on the platform since 2022.

Former CFTC Commissioner Brian Quintenz – who previously served on Kalshi’s board – was floated by Trump to lead the agency.

The company’s founder was subjected to an FBI raid last month as part of a criminal probe into whether the exchange accepted trades from US bettors on Donald Trump’s historic victory over Kamala Harris, The Post previously reported.

Critics slammed Kalshi for allowing the futures trading on morbid events.

Robinhood Markets and ForecastEx soon followed suit, launching their own election contracts.

A New York-based betting market platform reportedly allowed users to place money on the fate of the alleged assassin arrested in the cold-blooded killing of UnitedHealth’s Brian Thompson — before the trades were abruptly shut down by regulators.

source

Greg Smith

Share
Published by
Greg Smith

Recent Posts

Cash Isa battle sees Trading 212 hike best rate TWICE in one week – how to bag 5.1%

Trailing Trading 212*, Plum* and Moneybox are Monument Bank and Mansfield Building Society which are…

3 weeks ago

Will Howard’s girlfriend in tears after QB’s game-sealing pass in Ohio State’s national championship win

Howard proved to be clutch down the stretch and led the Buckeyes to their first…

3 weeks ago

Saving lives and limbs on the high seas: The extraordinary world of early modern ship’s surgeons

Psychological distress The challenges and risks of life at sea were not just physical but…

3 weeks ago

Walmart facing backlash over DEI policy reversal as shareholders, Dem officials urge them to reconsider

McDonald’s, Amazon, Meta and American Airlines have also since announced a change to their DEI…

3 weeks ago

The long road ahead to rebuild life in Gaza

What about the economy?The conflict has also had a "devastating impact" on Gaza's economy, said…

3 weeks ago

Mike McCarthy latest after Dallas Cowboys exit as NFL team ‘rolls out red carpet’ for Super Bowl champion coach

The Bears have so far confirmed that they have interviewed 17 candidates to be their…

3 weeks ago