Wheel

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Santos’ case represents the most severe among four disciplinary settlements announced by Kalshi, which has faced increasing scrutiny concerning insider knowledge risks and event outcome influence by market participants.

Santos is not the only individual disciplined for trying to game the prediction market system. Ben Midgley, a Republican candidate for the governorship of Maine, admitted purchasing under $1,000 worth of contracts related to his campaign. He accepted a $5,434.30 fine and a three-year suspension.

Meanwhile, Laurie Buckhout, a candidate for a North Carolina congressional seat, was fined $2,589.96 and suspended for three years after buying under $1,000 of contracts linked to her race.

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The company has also pursued partnerships outside the normal financial media. Its deals include relationships with major sports organizations and entertainment properties, signaling efforts to integrate prediction markets into mainstream content and information services. 

The conclusion of the Yahoo Finance deal comes as there is more talk about the use of prediction market data in journalism. Operators such as Polymarket and rival Kalshi have touted their markets as a way to get real-time information on how likely future events are to occur. 

However, some media industry observers have questioned whether trading activity can reliably stand in for broader public opinion. There are also concerns among critics over the growing links between news organizations and prediction platforms. 

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City of Detroit to investigate water tower with Polymarket logo https://t.co/O2n852pQxy

Polymarket and other prediction markets that ventured into sports trading last year maintain that they’re financial platforms governed by federal law.

The Commodity Futures Trading Commission (CFTC) agrees, continuing to defend its claimed “exclusive jurisdiction” over sports prediction markets in federal and state courts across the nation.