Current:Home > InvestAfter just a few hours, U.S. election bets put on hold by appeals court ruling -Quantum Capital Pro
After just a few hours, U.S. election bets put on hold by appeals court ruling
View
Date:2025-04-15 11:03:01
ATLANTIC CITY, N.J. (AP) — Just hours after it began, legal betting on the outcome of U.S. Congressional elections has been put on hold by a federal appeals court.
The Court of Appeals for the District of Columbia Circuit issued an order Thursday night temporarily freezing the matter until it can consider and rule on the issue. No timetable was initially given.
The court acted at about 8:30 p.m. Thursday, mere hours after a federal judge cleared the way for the only bets on American elections to be legally sanctioned by a U.S. jurisdiction.
U.S. District Court Judge Jia Cobb permitted New York startup company Kalshi to begin offering what amounts to bets on the outcome of November elections regarding which parties win control of the House and Senate.
The company’s markets went live soon afterwards, and Kalshi accepted an unknown amount of bets, which it called “contracts.”
The Thursday night order put a halt to any further such bets. What might happen to those already made was unclear Friday.
Neither Kalshi nor the commission immediately responded to messages seeking comment Friday.
The ruling came after the Commodity Futures Trading Commission appealed Cobb’s ruling, warning that allowing election bets, even for a short period of time, risked serious harm from people trying to manipulate the election for financial purposes.
Prices on Kalshi’s so-called predictive contracts varied during the afternoon and early evening hours during which they were live on Thursday. At one point, a bet on the Republicans to win control of the Senate was priced at 76 cents; a $100 bet would pay $129. A bet on the Democrats to win control of the House was priced at 63 cents, with a $100 bet paying out $154.
The elections category under which they had been posted Thursday was missing from the company’s website Friday afternoon.
___
Follow Wayne Parry on X at www.twitter.com/WayneParryAC
veryGood! (6949)
Related
- What do we know about the mysterious drones reported flying over New Jersey?
- 5 Bulgarians charged with spying for Russia appear by video in UK court
- Coast Guard searching for woman swept into ocean from popular Washington coast beach
- Artemis II: NASA pilot prepares for a trip around the moon and beyond | 5 Things podcast
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Top Chef champion partners with Hidden Valley to create Ranch Chili Crunch, a new, addictive topping
- Amazon invests $4 billion in Anthropic startup known for ChatGPT rival Claude
- Opponents of a controversial Tokyo park redevelopment file a petition urging government to step in
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Japan’s Kishida unveils the gist of a new economic package as support for his government dwindles
Ranking
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- Apple CEO Tim Cook on creating a clean energy future
- Worst loss in NFL Week 3? Cowboys, Broncos among biggest embarrassments
- Toyota, Kia and Dodge among 105,000 vehicles recalled: Check car recalls here
- $73.5M beach replenishment project starts in January at Jersey Shore
- Molotov cocktail thrown at Cuban embassy in Washington, DC, Secret Service says
- Biden tells Pacific islands leaders he hears their warnings about climate change and will act
- Myanmar’s ruling military drops 2 generals suspected of corruption in a government reshuffle
Recommendation
Former Syrian official arrested in California who oversaw prison charged with torture
Pretty Little Liars' Torrey DeVitto Is Engaged to Jared LaPine: See Her Gorgeous Ring
Grizzly bear and her cub euthanized after conflicts with people in Montana
AP Interview: Jennifer Granholm says US aims to create nuclear fusion facility within 10 years
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Joe Burrow injury updates: Bengals QB active for 'Monday Night Football' vs. Rams
Sparkling water is popular, but is it healthy?
The chairman of Hong Kong’s leading journalist group gets jail term for obstructing a police officer