Kalshi bans former congressman George Santos for life after State of the Union trades

Former Congressman George Santos has been banned from the prediction market site Kalshi for life after an investigation into accusations of insider trading on betting markets. Julia Demaree Nikhinson/AP hide caption

Kalshi has banned former Republican congressman George Santos for life after the prediction market company found he misled the public about whether he would attend President Trump's State of the Union address in order to make a profit on the platform.

Kalshi, which has the power to impose financial penalties as part of its federal license, fined Santos $71,356.

Santos responded on X: "Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let's see how much longer you guys are around for."

NPR first reported in June that federal authorities were investigating Santos for trades tied to a Kalshi market on who would be in attendance at the State of the Union.

Days before the president's remarks, Santos posted a video on X saying, "I'm going to be there for the State of Union in the gallery, guys," only to later notify his followers that he was "watching SOTU from an airport tv."

What he concealed from his social media audience was that he had already placed bets on Kalshi that he would not show up to the event. Kalshi said Santos made more than $17,000 in profit on the wagers. The Commodity Futures Trading Commission, which regulates prediction markets, ordered Santos to give back those profits as part of a settlement reached with the former congressman last month. The federal regulator also fined him $17,500.

Santos, 38, who has a long history of fabricating details about his life and career, was expelled from Congress , where he represented New York, in 2023. A year later, he pleaded guilty to federal wire fraud and identity theft. His seven-year prison term was cut short last year after President Trump commuted his sentence.