Kalshi Bans Three US Politicians for Betting on Their Own Election Races

Prediction market platform Kalshi banned three congressional candidates—Mark Moran, Matt Klein, and Ezekiel Enriquez—for betting on their own election races, imposing fines ranging from $540 to $6,229 and five-year suspensions. Moran, running for a Virginia Senate seat, claims he deliberately traded approximately $100 on himself to expose insider trading vulnerabilities, while Minnesota Democratic Senator Klein says he wagered less than $100 out of curiosity. The enforcement actions come as Kalshi and competitor Polymarket face congressional pressure, with senators Adam Schiff and John Curtis introducing the Prediction Markets Are Gambling Act to restrict certain contracts. Both platforms have strengthened safeguards, with Kalshi recording $13 billion in monthly volume in March 2026 compared to Polymarket's $10.57 billion.

Kalshi's Enforcement Actions Against Three Political Candidates

• ▪Mark Moran, Matt Klein, and Ezekiel Enriquez were the three candidates involved in Kalshi's enforcement actions
• ▪Matt Klein purchased less than $100 in contracts related to his race on Kalshi
• ▪Mark Moran was requested to return profits from trades in two markets related to his campaign
• ▪Mark Moran received a $6,229 penalty from Kalshi and was banned from accessing the platform for five years
• ▪Ezekiel Enriquez ran for a House seat in a Texas Republican primary
• ▪Matt Klein was fined $540 by Kalshi and suspended from the platform for five years
• ▪Ezekiel Enriquez received a $784 fine from Kalshi and was barred from the platform for five years
• ▪Matt Klein is a Democratic senator running for a House seat in Minnesota

Candidates' Responses and Motivations for Self-Betting

• ▪Mark Moran discovered potential manipulation on Polymarket in the NYC mayoral race that was reported by the New York Post
• ▪Matt Klein paid a penalty and agreed to be suspended from Kalshi in compliance with the platform's request
• ▪Mark Moran traded approximately $100 on himself on Kalshi because he wanted to get caught
• ▪Mark Moran wrote on X on Wednesday in response to Kalshi's enforcement action
• ▪Matt Klein stated that his wager on Kalshi was the only wager he has ever made on a predictions market

Strengthened Insider Trading Controls Across Prediction Markets

• ▪Bobby DeNault is the enforcement and legal counsel of Kalshi
• ▪U.S. senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act last month
• ▪The Prediction Markets Are Gambling Act seeks to bar prediction contracts tied to sports or casino-style games from being listed or traded on a registered platform
• ▪Kalshi recorded about $13 billion in monthly volume in March 2026

Perspective of Matt Klein

• ▪Matt Klein cooperated fully with Kalshi's enforcement action by paying the penalty and accepting the suspension

Perspective of U.S. lawmakers pushing for regulation

• ▪The Prediction Markets Are Gambling Act introduced by senators Adam Schiff and John Curtis aims to prohibit sports and casino-style contracts on registered platforms