Six years after the 2018 Supreme Court decision that led to widespread legalization of mobile sports betting, U.S. sportsbooks dangle a variety of granular and obscure potential wagers in front of customers. Their influence reaches deep into U.S. society.
But one market they are not tapping into is betting on government elections. No U.S. state currently allows the practice ahead of the 2024 vote.
However, companies such as Sequoia-backed Kalshi, PredictIt and financial tech giant Robinhood offer workaround entries into the market through political event futures contract trading. For now, these trades are overseen by a federal agency, the Commodity Futures Trading Commission (CFTC), but the practice faces accusations of being a form of gambling.
