George Santos Receives Lifetime Ban from Kalshi Betting Platform

<figure><img alt="George Santos" src="https://thedailybeast-thedailybeast-prod.web.arc-cdn.net/resizer/v2/EWG3WFZGJ5ELJIGLZ5MQY4IJX4.JPG?auth=8bd2b08a57175edbd13cb69467df537d815233f986225b3e8b0cca282d2fed97&amp;smart=true&amp;width=4456&amp;height=2507" /><figcaption>Shannon Stapleton / Reuters</figcaption></figure><p>George Santos has been banned for life from the betting platform Kalshi, marking the first instance of such a ban on the site.</p><p>Santos, who was expelled from Congress and convicted of fraud, reportedly earned over $17,000 by betting on whether he would attend President Donald Trump’s State of the Union address earlier this year.</p><p>Prior to the speech, he announced on X.com that he would attend, which increased the odds on the prediction market. However, he later placed bets indicating he would not attend. During the address, he posted a message on X.com stating, “Watching SOTU from an airport tv was not part of the plan! FML,” using an abbreviation for “f--- my life.”</p><p>Kalshi identified the trades, froze Santos’ account, and referred the case to the Department of Justice and the Commodity Futures Trading Commission (CFTC).</p><p>The platform has now imposed a lifetime ban on Santos and a penalty of $71,356, as reported by The Wall Street Journal. The company stated that the ban resulted from Santos not fully cooperating with their investigation.</p><img alt="Santos was accused of improperly trading on an event that he had the power to influence. / X/Georgesantos" height="380" src="https://thedailybeast-thedailybeast-prod.web.arc-cdn.net/resizer/v2/OWWGFCF73VAVHNY4VMXNFFDLNI.png?auth=5fe2a2484e4050779e9cfc6ab9ee595bed71c5dc8f8e69ae8f47b7794c0f094c&amp;smart=true&amp;width=1204&amp;height=380" width="1204" /><p>In July, Santos agreed to pay over $35,000 to settle claims from the CFTC regarding misrepresentations on social media and improper trading related to events he could influence.</p><p>He has also been banned from trading on all platforms for three years.</p><p>Santos’ lawyer, Joseph Murray, did not respond to requests for comment regarding the lifetime ban. Murray previously stated that Santos agreed to the $35,000 settlement to avoid litigation and that it should not be interpreted as an admission of wrongdoing, according to the Journal.</p><img alt="President Trump’s oldest son, Don Jr., is a strategic adviser for Kalshi. / Annabelle Gordon / Reuters" height="3167" src="https://thedailybeast-thedailybeast-prod.web.arc-cdn.net/resizer/v2/QRZB7EY72RHBLOSJWFBB5PF3ME.JPG?auth=0cfa57c2f5564f52014ff6b3ff3f64b49b32bfbc5e20be629cfb25ba5e1e33a8&amp;smart=true&amp;width=4979&amp;height=3167" width="4979" /><p>Donald Trump’s oldest son, Donald Jr., serves as a strategic adviser for Kalshi, which has faced scrutiny for bets related to Trump’s decisions that have reportedly earned users significant profits.</p><p>In July, Gabriel Perez, a teleprompter operator for Trump, was found to have profited from predictions about Trump’s speeches and agreed to pay a civil fine of $65,000 while giving up over $107,000 in winnings. He was also suspended from Kalshi for three years.</p><p>Kalshi is currently addressing lawsuits from approximately 20 states seeking to regulate speculation on sporting events through prediction markets.</p><p>Santos was elected in 2022 to represent New York’s 3rd district, but it was revealed before his swearing-in that he had misrepresented his background.</p><p>He falsely claimed Jewish heritage, that his family survived the Holocaust, that his mother was in the Twin Towers during the September 11 attacks, and that he earned an MBA from New York University. He also failed to disclose his criminal history and pending lawsuits, and made false disclosures about his business activities.</p><p>Santos was indicted on federal charges, expelled from Congress in 2023, and sentenced to over seven years in prison after pleading guilty to identity theft and wire fraud.</p><p>Trump commuted Santos’ prison sentence last October.</p><p><a href="https://www.thedailybeast.com/disgraced-maga-star-george-santos-slapped-with-humiliating-kalshi-lifetime-ban/">Read more at The Daily Beast.</a></p>