Midterm Markets, 2024 Presidential Election Odds Shaping Up At PredictIt


You can’t log in to your DraftKings or FanDuel account and wager on who will win the Texas gubernatorial race in November or which party will control the Senate after the midterms. Election betting in the U.S. isn’t quite that legal.

But it’s not exactly illegal either.

Americans can put money on political outcomes, not by betting against the house at a mobile sportsbook, but by utilizing an exchange wagering site that allows customers to essentially buy or sell shares in the answer to a question.

One such site, Kalshi, has been declared legal by the Commodity Futures Trading Commission, and elections are among the many real-world prediction markets it makes available. For political wagers specifically, PredictIt offers a wider variety of options — although it operates in a more gray realm, having received a neutral “no action” letter from the CFTC to conduct…

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