George Santos’ Fallout: Kalshi, NPR, and the Prediction Market Turmoil

(AsiaGameHub) –   By: Logan Pierce, Independent Business Writer

George Santos has lashed out at Kalshi and NPR after being accused of wagering on his own attendance at the State of the Union. Polymarket has cut ties with him as a paid partner. Reports suggest Santos is under investigation for insider trading, which could land him in prison after his early release under Trump’s orders.

Kalshi suspended Santos’ account after his February bets on the SOTU. He claimed a delayed flight kept him from attending, but didn’t show up. He’s now accusing NPR reporter Bobby Allyn of making up investigations and allegations.

Santos promoted Polymarket on X, but the partnership ended after the accusations. There was a market on the SOTU at Polymarket, with Santos attracting $150,000 in trades. At Kalshi, over $3 million was bet on him. Polymarket had a market on Santos in 2023 during his fraud and theft investigation, with just over $30,000 in trades.

Santos also hit out at Kalshi, accusing it of misusing private information and demanding its license be revoked. Kalshi has yet to confirm an investigation or comment on the case. The company was increasing efforts to combat insider trading when Santos placed his bets. Polymarket’s CEO has made statements suggesting insider trading can improve market accuracy.