Ex-congressman George Santos banned from betting platform for life

Prediction-market operator Kalshi has permanently barred former US congressman George Santos from trading on its platform.

The company alleged that Santos, who was expelled from Congress following a series of fraud and identity-theft charges, placed bets in February related to his own attendance at US President Donald Trump's State of the Union address, according to a notice of disciplinary action.

Kalshi said its compliance team concluded his activity showed signs of insider dealing, prompting the lifetime ban. It said it was acting independently without waiting for external enforcement action.

Santos on X thanked Kalshi for the ban and said "Let's see how much longer you guys are around for".

In 2025, Trump ordered the release of Santos, who had been sentenced to a seven-year prison term for wire fraud and identity theft. He had served three months.

In July, Santos agreed to pay $35,000 to settle a federal investigation by the Commodity Futures Trading Commission into his State of the Union trades.

Kalshi, alleging Santos used non-public information to place bets, issued a penalty of $71,356 (£38,000).

The disciplinary moves come at a moment when prediction markets – which allow users to wager on outcomes ranging from elections to economic indicators – are facing heightened scrutiny.