Current:Home > ScamsAfter just a few hours, U.S. election bets put on hold by appeals court ruling-LoTradeCoin
After just a few hours, U.S. election bets put on hold by appeals court ruling
View Date:2024-12-24 20:37:16
ATLANTIC CITY, N.J. (AP) — Just hours after it began, legal betting on the outcome of U.S. Congressional elections has been put on hold by a federal appeals court.
The Court of Appeals for the District of Columbia Circuit issued an order Thursday night temporarily freezing the matter until it can consider and rule on the issue. No timetable was initially given.
The court acted at about 8:30 p.m. Thursday, mere hours after a federal judge cleared the way for the only bets on American elections to be legally sanctioned by a U.S. jurisdiction.
U.S. District Court Judge Jia Cobb permitted New York startup company Kalshi to begin offering what amounts to bets on the outcome of November elections regarding which parties win control of the House and Senate.
The company’s markets went live soon afterwards, and Kalshi accepted an unknown amount of bets, which it called “contracts.”
The Thursday night order put a halt to any further such bets. What might happen to those already made was unclear Friday.
Neither Kalshi nor the commission immediately responded to messages seeking comment Friday.
The ruling came after the Commodity Futures Trading Commission appealed Cobb’s ruling, warning that allowing election bets, even for a short period of time, risked serious harm from people trying to manipulate the election for financial purposes.
Prices on Kalshi’s so-called predictive contracts varied during the afternoon and early evening hours during which they were live on Thursday. At one point, a bet on the Republicans to win control of the Senate was priced at 76 cents; a $100 bet would pay $129. A bet on the Democrats to win control of the House was priced at 63 cents, with a $100 bet paying out $154.
The elections category under which they had been posted Thursday was missing from the company’s website Friday afternoon.
___
Follow Wayne Parry on X at www.twitter.com/WayneParryAC
veryGood! (215)
Related
- American Idol’s Triston Harper, 16, Expecting a Baby With Wife Paris Reed
- Gwyneth Paltrow Appears in Court for Ski Crash Trial in Utah: Everything to Know
- Facebook's parent is fined nearly $25M for violating a campaign finance disclosure law
- Maryland is the latest state to ban TikTok in government agencies
- New Orleans marks with parade the 64th anniversary of 4 little girls integrating city schools
- Twitter begins advertising a paid verification plan for $8 per month
- Indian Matchmaking Season 3 Has a Premiere Date and First Look Photos
- 22 Rave Mom Essentials From Amazon To Pack For Festival Season
- The charming Russian scene-stealers of 'Anora' are also real-life best friends
- This Detangling Hairbrush With 73,000+ 5-Star Amazon Reviews Is on Sale for $12
Ranking
- Tuskegee University closes its campus to the public, fires security chief after shooting
- Pakistan riots over Imran Khan's arrest continue as army deployed, 8 people killed in clashes
- Elon Musk expected to begin mass Twitter layoffs
- The FBI alleges TikTok poses national security concerns
- NASCAR Championship race live updates, how to watch: Cup title on the line at Phoenix
- How likely is a complete Twitter meltdown?
- Emily Ratajkowski Reveals Her Most Dramatic Look Yet With New Pixie Haircut
- The fastest ever laundry-folding robot is here. And it's likely still slower than you
Recommendation
-
Republican Dan Newhouse wins reelection to US House in Washington
-
When women stopped coding (Classic)
-
We Ranked All of Reese Witherspoon's Rom-Coms—What, Like It's Hard?
-
Have you invested in crypto on FTX or other platforms? We want to hear from you
-
Moana 2 Star Dwayne Johnson Shares the Empowering Message Film Sends to Young Girls
-
Pakistan riots over Imran Khan's arrest continue as army deployed, 8 people killed in clashes
-
Ashley Graham Shares the Makeup Hack That Makes Her Life Easier as a Busy Mom
-
Delilah Belle Hamlin Shares What’s in Her Bag, Including Some Viral Favorites