White House staff told not to place bets on prediction markets

The gambling platforms have grown in popularity, with some users making wagers on conflicts. White House staff warned not to place bets on prediction markets Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. White House pictured under a clear blue sky White House staff told not to place bets on prediction markets White House staff were warned last month not to use insider information to place bets on predictions markets. The email was sent to staff on 24 March, a day after US President Donald Trump announced a five-day pause on his threat to attack Iranian power plants and energy infrastructure. It referred to press reports that raised concerns over government officials using non-public information to place bets on platforms like Kalshi or Polymarket. White House spokesman Davis Ingle told the BBC that "any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible reporting." The Wall Street Journal first reported the email on Thursday. Ingle also said that all federal employees are subject to government ethics guidelines that prohibit the use of insider information for financial gain. "The only special interest that will ever guide President Trump is the best interest of the American people," he added. The BBC has contacted Kalshi and Polymarket for comment. Polymarket came under scrutiny in January after a gambler made nearly half a million dollars on the capture of Venezuelan president Nicolás Maduro just before it was officially announced. after a gambler made nearly half a million dollars on the capture of Venezuelan president Nicolás Maduro just before it was officially announced. It was unclear who placed the bet. The anonymous account had a blockchain identifier of letters and numbers. The incident raised concerns about whether they had benefited from inside information of the US military operation. Predictions markets, which host more than $44bn (£33bn) in trades, have become increasingly popular in the past year. which host more than $44bn (£33bn) in trades , have become increasingly popular in the past year. The predictions can be related to anything. They mostly involve sports but users can also place bets on whether, for instance, the US central bank will cut rates or the results of local elections. A trader's hands using their phone to make a trade in front of a trading screen in soft focus Oil traders bet millions minutes before Trump's Iran talks post A young man looking at his phone walks past a ripped up advertisement for betting site Polymarket in the Brooklyn borough of New York, US, from July 2024 that asks, "Who will win? Trump v Biden" US election bets surge, despite red flags and mixed record Prediction market bets on conflicts have fuelled debate over how industry should be regulated. This week, US Congressman Ritchie Torres, a Democrat who sits on the House Financial Services Committee, sent a letter to the Commodity Futures Trading Commission that called for an investigation into "suspicious" trades. This week, US Congressman Ritchie Torres, a Democrat who sits on the House Financial Services Committee, to the Commodity Futures Trading Commission that called for an investigation into "suspicious" trades. The commission regulates the derivatives trading, which includes prediction markets. In March, Democrat leaders introduced legislation that would completely ban prediction market betting related to war or military action. that would completely ban prediction market betting related to war or military action. "Corruption and exploitation are thriving right now within the gaps and loopholes of prediction markets," said US Senator Andy Kim from New Jersey. "This manipulation leaves the select few winning big, at the expense of working Americans," he said. Officials said "a heightened security posture is in place", but no injuries were reported and no suspects had been identified. An oversight commission received more than 30,000 feedback submissions mainly in opposition to the proposed ballroom. A commission made up of Trump appointees signed off on the design after architects made changes in response to concerns. TV channels for dogs are multiplying but research is mixed on whether dogs are watching. Both sides have reason to end the war but share no common ground. The prime minister says "shocks" like the conflict in Iran are becoming more frequent. She called rumours that Epstein introduced her to Donald Trump "mean-spirited attempts to defame my reputation". The rise in energy prices has hit Asia particularly hard as many nations are heavily reliant on Gulf oil.