Markets 
Kalshi said Monday that it has slapped scandal-ridden former Rep. George Santos with its first-ever lifetime ban after he allegedly made more than $17,000 in illicit bets on the prediction market.
On top of the ban, Santos faces $71,356 in penalties for not cooperating with Kalshi’s internal investigation, the platform said.
Between Feb. 2 and Feb. 25, 2026, Santos – the GOP congressman who was expelled in 2023 – placed a series of large bets on whether he would attend President Trump’s State of the Union address. He made $17,839.57 on the bets, according to Kalshi.
The Commodity Futures Trading Commission, or CFTC, alleged Santos had made misrepresentations and omissions online that influenced the market he was betting on, and that he should not have been betting on an event that he had the power to influence.
In July, the ousted New York lawmaker agreed to pay more than $35,000 in a settlement with the CFTC.
At the time of the settlement, Joseph Murray, Santos’ attorney, said the sacked congressman had agreed to make the payment to avoid a potentially lengthy and expensive legal battle, adding that it “should not be mistaken for admission of any wrongdoing.”
Santos voiced a defiant stance on Monday.
“Hey @Kalshi thanks for the lifetime ban from your gambling platform,” he wrote on X. “Let’s see how much longer you guys are around for.”
This is a developing story. Please check back for updates.
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