The recent US presidential election was a boon for political prediction platforms like Polymarket and PredictIt, which allow people to wager money on who they think will win.
Lawmakers are now taking notice of this phenomenon and considering ways to prevent it from happening again.
impact wagering might have on public trust in the election process
Representatives Andrea Salinas and Jamie Raskin submitted a bill titled “Ban Gambling on Elections Act” on Thursday because they are concerned about the integrity of the contests and the impact wagering might have on public trust in the election process.
The legislation seeks to create a Commodity Exchange Act amendment to prohibit election wagering.
Speaking about the bill, Representative Salinas said: “We cannot play roulette with our democracy by allowing this kind of wagering without a thorough accounting of the potential consequences.”
US lawmakers aren’t the only ones kicking up a fuss, with the French gaming regulator banning Polymarket in November.