Elections are crucial for the future of a country and its citizens. However, what if elections could be swayed, not by the will of the people, but by gamblers seeking to turn democracy into a high-stakes game. To ensure fairness and integrity in the electoral process, Representatives Jamie Raskin and Andrea Salinas have introduced the Ban Gambling on Elections Act. This ambitious piece of legislation aims to ban wagering on U.S. elections, addressing growing concerns over the impact of political betting on election integrity and public trust in the democratic process.
Betting on elections poses a significant threat to the foundation of democracy. To maintain democracy within the country, it is essential to prevent elections from becoming profit-driven gambles and to avoid corruption for a better future. The bill introduced by Representatives Jamie Raskin and Andrea Salinas, lawmakers from Oregon and Maryland, mirrors similar legislation by Senator Jeff Merkley. This legislation seeks to amend the Commodity Exchange Act to ban election betting.
Representative Raskin has warned that trust in the country’s electoral system is at an all-time low. He expressed his pride in supporting the ban proposed by Representative Salinas and Senator Merkley. Raskin stated, “Our democracy demands reliable and transparent processes to cast ballots and tally results, not a horserace clouded by gambling odds and bets placed.”
In the U.S., a tremendous amount of money has flowed into betting on elections, estimated at over $1 billion on two major platforms concerning the 2024 elections. This includes bets on both the presidential and congressional elections. The platforms Kalshi and Polymarket have come under scrutiny due to several scandals surrounding the integrity of elections and the complicated regulatory burdens they pose.
According to Craig Holman of Public Citizen, election betting substantially undermines public confidence in the electoral process. Meanwhile, Better Markets CEO Dennis Kelleher cautioned that such practices could incentivise malicious interference and divert regulators from their crucial responsibilities.
Representative Salinas emphasised that enforcing the ban is crucial because election betting encourages bad actors to attempt to influence election outcomes.
She stated, “We cannot play roulette with our democracy by allowing this kind of wagering without a thorough accounting of the potential consequences.”
Salinas expressed her pride in introducing the legislation to ban election wagering, in collaboration with Senator Merkley and Representative Raskin.
She concluded, “While sports betting and online gambling have become permanent forms of American entertainment, we must acknowledge and help mitigate the harm caused by related addictions.”