US Congress calls for ban on election betting
Date: 2024-08-07 Author: Oliver Abernathy Categories: IN WORLD
The debate over the advisability of betting on political events has heated up in the US Congress. Congressional representatives have sent a formal request to the Commodity Futures Trading Commission (CFTC) to ban betting on the outcome of the presidential election. Senators and members of the House of Representatives are concerned about the possible negative impact of betting on the outcome of the United States elections.
Five senators and three members of the House of Representatives, all from the Democratic Party, have addressed an open letter to CFTC Chairman Rostin Benham. The politicians expressed concerns that allowing betting could undermine public confidence in the country's electoral system. They believe that such markets could create favorable conditions for manipulation and abuse.
Quote from the letter
The letter sent to the CFTC states:
"Allowing billionaires to make unusual bets while making contributions to a particular candidate or party, and political insiders to bet on elections using non-public information, will further undermine public confidence in the electoral process."
The senators emphasize that elections should not be perceived as a "commercial enterprise." In their opinion, betting on political events negatively affects the democratic process in the United States.
Meanwhile, on the Polymarket platform, the volume of bets on the outcome of the 2024 presidential election has exceeded $500 million. Donald Trump is the frontrunner among candidates, according to platform participants, with his chances of winning estimated at 53%. Vice President Kamala Harris has 45% support among those who have placed bets.
Bet statistics
The political section of the Polymarket platform has attracted more than $1 billion in bets, and the number of events on which bets are made is in the hundreds. Users actively participate in predicting political events, which highlights the importance and popularity of this phenomenon.
Members of Congress warn about the risks associated with allowing betting on political events. They believe that the CFTC should develop strict rules to prevent possible abuses and manipulations that could negatively affect voter confidence and the integrity of elections.
The issue of banning betting on elections has caused serious discussions in the US Congress. Senators and members of the House of Representatives insist on the need to take measures to protect democratic processes in the country. Meanwhile, the Polymarket platform continues to attract millions of dollars in bets on political events, which only increases the relevance and need to address this issue.
