Kalshi bans former congressman George Santos for life after State of the Union trades - NPR

Kalshi, which holds a federal license that gives it authority to impose financial penalties, fined Santos $71,356 alongside the permanent ban. The company determined Santos made trades based on misleading public statements about his own attendance at the address.

Santos fired back on X, writing: "Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let's see how much longer you guys are around for." NPR had previously reported in June that federal authorities were already investigating Santos, so this is not his first brush with scrutiny over his conduct since leaving office.

For people here in Lubbock who follow national politics, this is a reminder that prediction markets, now federally licensed and legal, carry real enforcement teeth. Kalshi is not just a website where people guess at outcomes. It can fine you nearly $72,000 and shut the door behind you permanently.

Santos lost his House seat after the chamber voted to expel him in 2023, making him one of only a handful of members ever removed that way.