"Because you have all this information and knowledge that isn't publicly available yet, it's almost foolish not to bet on it before it's made public. Myself and others started placing bets before that poll came out. And then, sure enough as soon as that poll came out, the stock went up and everybody made money."
"This is one of the first publicly reported instances of a campaign staffer betting and winning thousands on their own candidate on prediction markets emerging financial exchanges where billions are bet each week on future events like sports, culture and even elections."
A campaign staffer used advance knowledge of an unreleased poll showing their candidate ahead to place bets on prediction markets before the data became public, profiting thousands when market prices shifted. The staffer acknowledged that accessing non-public information created an unfair advantage, making it advantageous to bet before releasing data. Such betting by campaign operatives appears commonplace across multiple campaigns. Prediction market platforms like Kalshi have recently begun banning and fining political candidates for self-dealing bets. These activities highlight regulatory gaps in an emerging financial landscape where billions are wagered weekly on elections and other events.
Read at www.npr.org
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