Lawmakers push to ban government officials from prediction markets after bets on Iran strike, Khamenei's death
Newsy
Senators are calling for new legislation after millions of dollars in bets were placed on prediction market sites tied to U.S. air strikes on Iran and the death of the country's supreme leader.
Senators are calling for new legislation after millions of dollars in bets were placed on prediction market sites tied to U.S. air strikes on Iran and the death of the country's supreme leader.
Users on a prediction market site called Kalshi placed bets predicting that Iran's Supreme Leader Ayatollah Ali Khamenei would be "out" by March or April 1. Those bets reached about $54 million, and when Khamenei was killed on Feb. 28, many users expected to collect their winnings.
But Kalshi froze the trades saying it does not allow transactions "directly tied to death." The company said the phrasing of "Khamenei is out as Supreme Leader" does not include him dying.
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The controversy is unfolding amid a broader rise in prediction markets, which allow people to bet on outcomes ranging from elections and weather to Taylor Swift's wedding date.
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