Election Betting Makes a Comeback in the US After 100 Years

Election Betting Makes a Comeback in the US After 100 Years

For the first time in a century, betting on election results is now allowed in the United States. This significant shift comes after American gambling companies successfully challenged the Commodity Futures Trading Commission (CFTC) in court.

Background

Since the early 20th century, betting on election outcomes has been prohibited in the US due to concerns about its potential impact on democracy. However, gambling companies have persistently sought to enter this market.

Recent Developments

• On September 12, 2024, Calci, an American gambling company, briefly launched a betting site but was temporarily suspended after the CFTC appealed.
• The court dismissed the CFTC's appeal on September 14, 2024, effectively legalizing election betting.
• Polymarket, a non-US-based company, has already seen $885 million (approximately 1.2 trillion won) in bets on the US presidential election results.

Upcoming Presidential Election

The US presidential election is scheduled for November 5, 2024, with Kamala Harris and Donald Trump facing off. The first presidential TV debate took place on September 11, 2024.

Key Takeaways

• Election betting is now permitted in the US after a 100-year ban.
• Non-US-based companies like Polymarket are already facilitating large-scale betting on election results.
• The legality of election betting may be challenging to enforce if companies operate outside the US.