White House staff warned not to place bets on prediction markets
BBC • • general
Key Points:
- White House staff received a warning on 24 March advising against using insider information for betting on prediction markets, following concerns raised by press reports.
- The warning came a day after President Trump paused his threat to attack Iranian energy infrastructure, amid scrutiny of government officials potentially exploiting non-public information.
- White House spokesman Davis Ingle denied any evidence of wrongdoing by administration officials and emphasized adherence to federal ethics guidelines prohibiting insider trading.
- Prediction markets like Polymarket and Kalshi have gained popularity, hosting over $44 billion in trades on various topics, including politics and economic events.
- Polymarket faced controversy in January when an anonymous bettor profited significantly from a prediction on Venezuelan President Nicolás Maduro’s capture, raising fears of insider information misuse.
