New Bill to Prohibit Election Betting Introduced in US House

It has been a busy election season in the United States that culminated with the win of former President Donald Trump against his rival and current President, Joe Biden. While many supported the President-elect with their vote, some considered also placing a bet.

That’s the case because platforms such as Kalshi and Polymarket, which offer a range of political bets, recognized as trading contracts in their respective platforms. It is clear that hundreds of millions of wagers on the latest elections were placed by players across the country and overseas. However, a new proposal seeks to end political betting, citing concerns about the activity’s impact.

A Crackdown on Political Betting Is Necessary

The effort is led by several lawmakers from Oregon and Maryland. On Wednesday, Reps. Andrea Salinas and Jamie Raskin confirmed the introduction of the Ban Gambling on Elections Act, which, as the title suggests, proposes to completely ban wagering on US elections. The newly announced proposal, as explained by Salinas is “the House companion to US Senator Jeff Merkley’s legislation in the Senate.”

Last month, following the elections, a report from Market Watch suggested that at least $930 million was wagered on the 2024 US Presidential Elections and related events via two platforms. The sum included not only bets on the outcome of the Presidential race, but associated events such as bidding on the race for the Senate and the House, among other political bets.

Considering those numbers, Rep. Raskin warned that the trust in the country’s electoral system is at an all-time low, which is why the country must “crackdown on gambling in all US elections.” He added: “Our democracy demands reliable and transparent processes to cast ballots and tally results, not a horserace clouded by gambling odds and bets placed.” Finally, Raskin explained that he is proud to support the ban proposed by Rep. Salinas and Sen. Merkley.

The US Cannot “Play Roulette” with Democracy

Ultimately, the Ban Gambling on Elections Act seeks to change the parts of the Commodity Exchange Act. In the words of Rep. Salinas, the ban must be enforced as election betting pushes bad actors into trying to impact the outcome of the elections. “We cannot play roulette with our democracy by allowing this kind of wagering without a thorough accounting of the potential consequences,” she explained.

Salinas added that she is proud to introduce the legislation that proposes a ban on election wagering together with Sen. Merkley and Rep. Raskin. “While sports betting and online gambling have become permanent forms of American entertainment, we must acknowledge and help mitigate the harm caused by related addictions,” she explained in conclusion.