George Santos has publicly criticized Kalshi and NPR amid allegations that he wagered on himself attending the State of the Union (SOTU) address at the prediction market platform. In the wake of the accusations, Polymarket has reportedly cut ties with him as a brand ambassador.
Reports surfaced this week that Santos is under investigation for insider trading. If proven, he could face a lengthy prison sentence just months after being released early under President Donald Trump’s orders.
Kalshi allegedly suspended Santos’ account after he placed bets in February on him attending the SOTU. He posted a video on X a day before the event declaring he would be there, only to not attend. He claimed that a delayed flight prevented him from attending the event.
Santos hit out at NPR reporter Bobby Allyn, who broke the story, claiming that he “made up investigations out of thin air, made up loss amounts, and fabricated allegations about intent.”
Polymarket Reportedly Drops Santos as Promoter
Santos has been promoting Polymarket through his X account for several months. He predominantly posts links to political markets on the platform. His last post featuring a Polymarket link was on June 1, and the social media platform marked it as a paid partnership.
Polymarket has now ended the partnership, according to a report from AP News. When contacted by CasinoBeats, the company declined to comment.
There was also a market on who would attend the SOTU address on Polymarket, with Santos attracting the second-most volume at around $150,000. At Kalshi, however, over $3 million was traded on the former Republican Congressman.
Polymarket also had a market back in 2023 when he was under investigation for fraud and theft. That market saw just over $30,000 in trades, with the chances moving erratically before he was expelled from Congress in a 311–114 vote in December 2023.
He was eventually sentenced to 87 months in prison last year after pleading guilty to identity theft and wire fraud. He allegedly stole donors’ identities and credit card information and used them to make unauthorized political contributions. Trump released him after serving just three months in prison.
Santos Hits Out at Kalshi
Santos accused Kalshi of similarly misusing private information. He said the company leaks personal details and that its license should be revoked pending an investigation.
Kalshi has not officially confirmed whether it is investigating Santos. The company also did not respond to a request for comment on the case.
In the same month that Santos allegedly wagered on the SOTU market, Kalshi said it was increasing efforts to combat insider trading.
“Insider trading erodes trust,” said CEO Tarek Mansour. “When people believe a market is unfair, they stop trading. Liquidity dries up, volume collapses, and the market dies. Also, allowing it could incentivize bad actors to leak information they shouldn’t.”
Polymarket CEO Shayne Coplan has made statements about insider trading, suggesting it could improve market accuracy, describing participants with an “edge” as a “good thing” and a “sort of inevitability.”
