- United States
- Ohio
- Letter
I need you to support the BETS OFF Act (S. 4115 in the Senate, H.R. 7955 in the House) to regulate prediction markets and prevent government officials from profiting off insider political knowledge.
Platforms like Kalshi and Polymarket have exploded over the past year, with people betting on elections, assassinations, and acts of war. Right now there's no federal recourse against officials placing bets on events they control or have inside information about. One Polymarket user reportedly made nearly $1 million winning 93% of their five-figure wagers on unannounced military operations in Iran. That kind of pattern suggests someone with insider access is gaming the system.
These platforms are essentially self-regulated and ripe for rigging. The BETS OFF Act would prevent wagering on events where someone knows or controls the outcome and establish federal enforcement against illegal political gambling. Without this legislation, we're allowing government insiders to manipulate political events for personal profit.
This is a straightforward corruption issue. Pass the BETS OFF Act.