A U.S. federal appeals court has ruled that betting on congressional and presidential elections is lawful, rejecting the Commodity Futures Trading Commission's (CFTC) effort to block such betting. The decision comes just five weeks before November's polls, allowing platforms like Kalshi to resume listing contracts on which party will control each house of Congress and the presidency. Judge Patricia Millett stated that the CFTC failed to show that blocking Kalshi would prevent harm to the public interest. With the 2024 U.S. presidential election now one month away, this ruling sets the stage for a surge in legal wagering on election outcomes. The court's decision has significant implications for prediction markets, which may now be in the spotlight as they offer insights into election outcomes alongside traditional polls.
