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NewsPBS NewsHourApril 30, 2026United States

Senate Bans Members and Staff from Betting on Prediction Markets

The U.S. Senate unanimously passed a rule change prohibiting senators and their staff from participating in prediction markets. The move follows concerns regarding the potential use of sensitive or classified information for financial gain in betting markets.

ethicssenateprediction marketsinsider tradingcongressional rules
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Why It Matters

This rule change immediately restricts the personal financial activities of all U.S. senators and their staff, preventing them from placing wagers on political or economic events through prediction platforms.

Key Facts

  • The Senate passed a resolution banning its members from using prediction markets.
  • An amendment by Senator Alex Padilla expanded the ban to include Senate staff.
  • The measure was passed unanimously by voice vote.
  • The rule change takes effect immediately.
  • The resolution was sponsored by Senator Bernie Moreno.
  • Sens. Todd Young and Elissa Slotkin have introduced a separate bill to ban all federally elected officials and government employees from using insider information for prediction market bets.
  • The action follows a recent incident where a U.S. soldier was charged with using classified information to win $400,000 on a prediction market regarding the capture of Nicolas Maduro.

Who's Mentioned

personElissa Slotkin“Democratic Senator from Michigan who co-introduced a bill regarding insider trad”personDonald Trump Jr.“Adviser for Polymarket and Kalshi.”personAlex Padilla“Democratic Senator from California who proposed the amendment to include staff.”personTodd Young“Republican Senator from Indiana who introduced a separate bill regarding insider”personNicolas Maduro“Former president of Venezuela involved in a capture event linked to betting cont”organizationKalshi“A prediction market platform.”personBernie Moreno“Republican Senator from Ohio who sponsored the resolution.”personChuck Schumer“Senate Minority Leader who supported the resolution.”organizationPolymarket“A prediction market platform.”