House Bill Would Bar Candidates From Trading on Their Own Elections

A bill introduced by Rep. Don Davis would bar federal candidates from trading prediction-market contracts tied to their own elections, with fines set at $10,000 or three times the net financial gain, whichever is greater.

Davis introduced the No Betting on Your Own Race Act on Oct. 5 during a House pro forma session. The measure follows a penalty against Laurie Buckhout, Davis’ Republican opponent in North Carolina’s 1st Congressional District.

Buckhout paid just under $2,600 and was suspended from Kalshi for three years over trades related to her candidacy. She said she had bet on herself, called it a mistake and said she worked to resolve the issue after learning there was a problem.

The House and Senate are not scheduled to meet again until after the midterm elections, leaving the proposal little chance of taking effect during the current election cycle.

The bill would cover federal candidates who were left out of an April Senate resolution barring senators and staff from trading on prediction markets. That resolution did not apply to nonincumbent candidates running for Senate.