Kalshi permanently bans George Santos over likely insider trading

George Santos has been barred for life from Kalshi after the prediction market platform concluded he likely used his own public statements to influence bets on whether he would attend the State of the Union address.

Kalshi said its compliance department found reasonable cause to believe Santos engaged in insider trading. The former Republican congressman placed a series of large bets between Feb. 2 and Feb. 25, the company said, despite being able to influence the outcome of the market. Kalshi said he earned a $17,839 profit and later imposed a $71,356 penalty.

Santos had repeatedly discussed plans to attend the address. On the eve of President Donald Trump’s speech, Kalshi put the odds of his attendance at nearly 75 percent. Minutes into the speech, Santos posted on X that he had been delayed at the airport. Social media users then accused him of running another scheme.

“

I guess people lost money.

Kalshi said some of Santos’ public comments about his attendance were false or misleading. The lifetime ban, effective the previous Friday, prevents him from accessing the platform directly or indirectly. An email seeking comment from Santos was not immediately returned.

Santos later addressed the complaints on his podcast. “I guess people lost money,” he said. “Some people made unexpected money. That's to show you how fragile these markets are.” He had pleaded guilty to fraud and identity theft in 2024 and received a seven-year prison sentence, but Trump ordered his release after 84 days following a grant of clemency.

“

Some people made unexpected money. That's to show you how fragile these markets are.