Kalshi Bans Corrupt Ex-Rep. George Santos for Life, Fines Him $71,000 for State of the Union Betting Scandal
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Prediction-market platform Kalshi has permanently banned disgraced former Republican congressman George Santos and fined him over $71,000 for exploiting his own attendance at the State of the Union for personal profit, highlighting the deep rot of self-dealing and lack of accountability among right-wing politicians.
Kalshi announced a permanent ban and a $71,356 fine against former New York Republican congressman George Santos, after exposing his scheme to mislead the public and profit from betting on his own attendance at President Trump's State of the Union address. Santos, emblematic of the corruption plaguing the GOP, wagered that he would not appear at the event, pocketing over $17,000, and then refused to cooperate with Kalshi’s investigation—further demonstrating his contempt for transparency and ethics.
"Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let's see how much longer you guys are around for," Santos wrote on X, displaying the arrogance and defiance typical of right-wing grifters when held accountable.
The Commodity Futures Trading Commission, which oversees these markets, previously forced Santos to return his ill-gotten $17,000 and imposed an additional $17,500 fine as part of a settlement. Despite being expelled from Congress in 2023 and pleading guilty to federal wire fraud and identity theft, Santos had his prison sentence commuted by Trump in 2022—a stark reminder of the impunity enjoyed by Republican elites.
Kalshi also revealed disciplinary actions against other political insiders who tried to game the system for personal gain, including a three-year suspension and fines for Republican congressional candidate Laurie Buckhout, billionaire Stephen Cloobeck, and former Planet Fitness executive Ben Midgley.
This crackdown follows a settlement with former White House teleprompter operator Gabriel Perez, who was forced to surrender over $100,000 in profits and pay a $65,000 fine for betting on the content of the president's speech. As Kalshi and its rival Polymarket come under increasing scrutiny, regulators are finally confronting the question of whether these prediction markets are just another form of gambling or a financial product—an overdue reckoning, with the Supreme Court expected to decide the issue after years of regulatory neglect.