More Than $100M Wagered On Presidential Race On Kalshi

Bibhu Pattnaik

November 02, 2024

Legal betting on the presidential race via online betting company Kalshi has topped $100 million, even as polls continue to show a neck-and-neck race between Kamala Harris and Donald Trump.

What Happened: An advertisement for betting platform KalshiEX LLC was aired during the coverage of Trump’s rally at Madison Square Garden earlier this month. The ad encouraged viewers to place bets on the election, promising a return of $175 on a $100 bet on Trump.

According to a report by NPR, the surge in legal betting comes in the wake of a federal appeals court’s decision earlier this month, which allowed the online-betting company to launch an election prediction market.

The CEO of Kalshi, Tarek Mansour, told the outlet and referred to his election market as a “mechanism for truth,” indicating a 63% chance of a Trump victory.

Also Read: Trump: Harris Presidency Would ‘Guarantee’ World War III

Despite this, critics such as Sen. Jeff Merkley (D-Ore.) have voiced concerns, labeling the decision a “huge mistake” that could potentially jeopardize American democracy.

Amidst ongoing legal battles with federal regulators, retail investing platform Robinhood has also started offering bets on election contracts this week.

Why It Matters: Betting on presidential candidates was a common practice during the turn of the 20th century.

However, the advent of scientific polling and restrictive gambling laws in the latter half of the 20th century led to a decline in election betting. Recently, prediction markets have brought back election betting.

Despite the resurgence, there are lingering questions about the accuracy of these markets.

This is particularly true as the Kalshi market favors Trump by over 30 percentage points, while most political polls show Harris and Trump statistically tied.

Why Is This Bull Run Scaring JP Morgan, Goldman Sachs, and Warren Buffett? - Ad

Do Not Read This If You're an Elon Musk Hater - Ad

President Trump and Elon Musk Issue Stark Warning - Ad

Legendary investor Warren Buffett has a piece of critical advice for parents that he believes they should follow, regardless of their wealth status.

Amazon Shareholders Propose Adding Bitcoin To Treasury For 'Best' Long-Term Interest, Cite Michael Saylor's MicroStrategy As Example

Following in the footsteps of other Wall Street giants, shareholders of online retail giant Amazon.com Inc. (NASDAQ:AMZN) urged the firm Sunday to consider a Bitcoin (CRYPTO: BTC) treasury strategy to enhance shareholder va

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined"

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined" - Ad

According to Dan Ferris, who has predicted nearly every major market crisis of the last 25 years, a new crisis in the US economy could soon cost you 50% of your portfolio or more if you don't prepare your wealth now. Especially if you're sitting on large gains.

Trump's Transition Team Considering Undoing USPS's Contracts With Ford, Oshkosh For Electrifying Fleet: Report

President-elect Donald Trump's transition team is reportedly considering canceling the U.S. Postal Service's (USPS) contracts aimed at electrifying its delivery fleet.

More than a million oven gloves are being recalled after consumers report 92 minor burns

NEW YORK (AP) — More than one million pairs of oven gloves are being recalled due to a burn hazard, after dozens of injury reports.

Crypto Stocks Are Heating Up

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

$1 million per homer? $27,000 a point? $229 per second? Sports is loaded with money oddities

These were Juan Soto’s numbers in 2024: 41 home runs, 109 RBIs, a .288 batting average.

Stocks to Buy (and Sell) Before Inauguration Day

Experts predict Trump's policies will positively affect energy, finance, defense sectors; stocks to buy include EPD, JPM, LMT, while others may decline.

Is This Defi Coin Your Next "10-Bagger" Investment?

Is This Defi Coin Your Next "10-Bagger" Investment? - Ad

Our #1 pick in decentralized finance is largely overlooked by mainstream investors (for now). This governance token could skyrocket as DeFi adoption surges with the smart money and institutions.

Wall Street's Most Accurate Analysts Give Their Take On 3 Financial Stocks Delivering High-Dividend Yields

These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

As data centers proliferate, conflict with local communities follows

ALEXANDRIA, Va. (AP) — Richard Andre Newman thought he would live the rest of his life in his quiet, leafy neighborhood in suburban . He was born and raised in Bren Mar Park, where children ride their bikes and neighbors wave hello.

A $50 Backdoor Play On Elon's Next "Super-IPO"?

A $50 Backdoor Play On Elon's Next "Super-IPO"? - Ad

Elon Musk has become Trump's most trusted advisors. According to one legendary investor... We are leading up to the world's first "Super-IPO" -- a company creating over $100 billion on the first day it goes public! Knowing about this "backdoor" play could be the best way to profit before the IPO...Starting with as little as $50.

Woman Slipped Through JFK Security and Boarded Paris-Bound Flight Without Ticket or Passport

A woman was recently able to board a transatlantic flight without a ticket or passport, court documents reveal.

Tesla To Rely On Pre-Assembled Superchargers To Keep Up Deployment In Nordic Winters, Says Exec

EV giant Tesla will rely on pre-assembled superchargers in the Nordic countries including Norway to keep up the pace of deployment in the freezing temperatures, senior company executive Max de Zegher said on Thursday.

AI-Driven Security: A Market Set to Explode

AI-Driven Security: A Market Set to Explode - Ad

The future of AI is here, and it's in security robotics. One company is capitalizing on this growing demand, already securing major contracts and scaling rapidly. This could be the next big opportunity in AI. Want to know the details?

Cargill lays off 5% of its workforce, with job cuts impacting thousands of employees globally

NEW YORK (AP) — Agribusiness giant is laying off thousands of its employees.

Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue.

Why December 18th Will Impact Stocks More Than The Election

Why December 18th Will Impact Stocks More Than The Election - Ad

A man from a completely different government branch is going to stand up, say a few words... and make history in the stock market. This event comes along only every 25 years... And experts are already positioning themselves to profit from it.

Trump's Energy Policies Poised To Reshape Oil & Gas Market: Winners And Losers Revealed

Trump's energy plans could reshape US markets with potential tariffs, increased production, and LNG exports. Goldman Sachs breaks down winners and losers.

Dogecoin Is 'Harder Money' Than Bitcoin, Says Raoul Pal: Here's What The Numbers Say

Dogecoin (CRYPTO: DOGE) rallied 17% over the past week, spurred by speculation around Elon Musk's X Payments platform potentially incorporating DOGE.

Is a Starlink IPO Coming in 2024?

Is a Starlink IPO Coming in 2024? - Ad

Could there be signs that a Starlink IPO is set for the second half of 2024? According to one top venture capitalist, the answer is YES! And for the first time ever, you have the rare chance to profit pre-IPO... BEFORE Starlink goes public.

Intel Stock Is Where It Was 27 Years Ago: How The World's Leading Chipmaker Lost The Plot, Thrice

Intel Corp. (NASDAQ: INTC) stock has plummeted by over 56% YTD due to losing ground in chip market to rivals like AMD, Nvidia, Qualcomm.

Intel, Cleanspark, Super Micro Computer, Upstart, Tesla: Why These 5 Stocks Are On Investors' Radars Today

U.S. markets saw mixed results on Monday: the Dow Jones Industrial Average slipped 0.3% to 44,782, the S&P 500 edged up 0.2% to 6,047.15, and the Nasdaq climbed nearly 1% to close at 19,403.95. These are the top stocks that gained the attention of retail traders and investors throughout the day: Intel Corporation

There's Only ONE AI Company That Matters

There's Only ONE AI Company That Matters - Ad

It's not Nvidia, AMD, IBM, or any new startup. It's not even an artificial intelligence company... yet it holds the key to the entire AI market. Get all the details of the critical technology that the entire AI sector needs to survive.

'Moana 2' sails to a record $221 million opening as Hollywood celebrates a moviegoing feast

NEW YORK (AP) — Christmas came early at the box office this year.

Trump Taps Perdue for China, Signaling More Tension with Beijing

President-elect Trump will name ex-Sen. David Perdue (R-Ga.) as his choice for ambassador to China, a pivotal role in shaping the future of U.S.-China relations.

Why Do So Many Billionaire Investors Seem Scared of This Bull Run?

Why Do So Many Billionaire Investors Seem Scared of This Bull Run? - Ad

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Macro Guru Raoul Pal Predicts Crypto Market Cap Of $100 Trillion: 'The Architecture For The Digital Age'

Raoul Pal envisions a seismic shift in the global economy driven by technological innovation and a new political landscape.

Joe Biden Pardons Hunter -- Donald Trump Likely To Pardon January 6 Protestors, Polymarket Traders Speculate

Trump may pardon January 6th rioters, Hunter Biden, Edward Snowden, Julian Assange, and Steve Bannon, showcasing his views on justice and loyalty.

Media Humiliated: Demo of Elon's Tech Proves They're Wrong

Media Humiliated: Demo of Elon's Tech Proves They're Wrong - Ad

It's smaller than a quarter, but it could power Elon Musk's next AI revolution... A revolution he believes will be worth more than $9 trillion. Believe it or not, this device could even help put an extra $30k in your pocket every year outside of the markets.

Scaramucci on Trump Deportation Plan: 'We're Going To Have a Stock Market Crash'

Anthony Scaramucci sees promise in Trump's proposed Cabinet but fears that Trump's mass deportation plan could have severe economic repercussions.

Volkswagen and Chinese partner SAIC to sell joint venture plant in west China's Xinjiang

BANGKOK (AP) — and Shanghai's SAIC Motor have agreed to sell a factory in China's far western Xinjiang region that drew criticism due to accusations by western governments of .

Donald Trump Can't Save You From This Crisis

Donald Trump Can't Save You From This Crisis - Ad

A huge economic crisis is about to strike America. 12 months from today, our country could be unrecognizable. That's why I've recorded this video and released it for free. Inside, I lay out exactly what's happening and several critical moves I believe every American should make right now.

What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News?

Comcast's means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News.

China's aging population fuels 'silver economy' boom, but profits can prove elusive

HONG KONG (AP) — Every Wednesday, retiree Zhang Zhili travels an hour by bus to an education center, drawn by the pulsing rhythms of the African drum she plays there in a classroom filled with fellow retirees whose hands move in unison, every beat lifting her spirits.

Has the Tech Stock Selloff Finally Arrived?

Has the Tech Stock Selloff Finally Arrived? - Ad

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here...Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 3rd.

A top Fed official leans toward December rate cut but says it depends on economic data

WASHINGTON (AP) — A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.

Students can now apply for federal college aid. Officials hope for a smoother rollout this year

WASHINGTON (AP) — The federal FAFSA form used to apply for college financial aid opened to high school seniors nationwide on Thursday, a year after a by the Biden administration delayed the application for months.

December 16th - The Biggest Crypto Event in History

December 16th - The Biggest Crypto Event in History - Ad

According to the man who called every major market top and bottom for the last 29 years... A single event triggering on November 18th will send the crypto market soaring. But what's more exciting... is that this event could send a small sector of the crypto market soaring 5X, 25X, and even 100X higher in just days.

Is Enron back? If it's a joke, some former employees aren't laughing

HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001.

Trending Now