Kalshi announced Monday that it has permanently barred former Rep. George Santos from its platform, marking the prediction market’s first lifetime ban, after accusing the embattled ex-congressman of placing more than $17,000 in improper wagers.
The company said Santos was also hit with $71,356 in penalties, citing what it described as his failure to cooperate with Kalshi’s internal review of the activity.
According to Kalshi, Santos — the New York Republican expelled from Congress in 2023 — made a string of sizable bets between Feb. 2 and Feb. 25, 2026, tied to whether he would attend President Trump’s State of the Union address. The platform said those trades earned him $17,839.57.
The Commodity Futures Trading Commission, known as the CFTC, said Santos made misleading statements and left out key information online in ways that affected the very market on which he was wagering. Regulators also argued he should not have been betting on an outcome he could personally influence.
In July, the former New York lawmaker reached a settlement with the CFTC, agreeing to pay more than $35,000.
At the time, Santos’ attorney, Joseph Murray, said the payment was intended to avoid a drawn-out and costly legal fight, stressing that the settlement “should not be mistaken for admission of any wrongdoing.”
Santos, however, struck a combative tone after Kalshi’s latest action.
“Hey @Kalshi thanks for the lifetime ban from your gambling platform,” he posted Monday on X. “Let’s see how much longer you guys are around for.”
This is a developing story. Please check back for updates.
