Former US Congressman George Santos has been banned from the prediction market service Kalshi and is required to repay winnings, following accusations of insider trading. Santos reportedly bet on himself not to attend the State of the Union address and subsequently did not go, winning over $17,000.
In addition to relinquishing his winnings, Santos faces more than $80,000 in total fines from Kalshi and the Commodity Futures Trading Commission.
Separately, sports commentator Bill Simmons admitted on his podcast to using his daughter's boyfriend as a proxy to place bets on his FanDuel account from Massachusetts, where sports betting is legal. Simmons, who lives in California where FanDuel Sportsbook is illegal, stated he provided a code to his phone for the boyfriend to log in and place bets. This action may have violated FanDuel's terms and conditions and potentially Massachusetts Gaming Commission regulations, which could result in penalties ranging from a fine to the loss of gambling privileges in the state.