Kalshi Will Ask Users to Share Employer Information for Some Trades


The prediction market Kalshi said on Tuesday that it would require users to disclose their employer in order to trade in certain high-risk markets, a new measure intended to limit insider trading.

The company allows its users to bet on almost anything, such as sports, politics, the weather — or even the location of Taylor Swift and Travis Kelce’s wedding.

But there are increasing concerns that politicians and other insiders are placing bets on their own actions or based on private information. Last week, the federal authorities said they were investigating whether former Representative George Santos had made a bet about attending President Trump’s State of the Union address in February.

Kalshi users will have to submit an online form disclosing where they work in order to bet in some markets that are linked to sensitive private information, the company said. That could include betting on things like deliveries of Teslas in a certain quarter or the sale price of a work of art.

Kalshi will not verify that employment information unless an employer flags suspicious activity related to potential inside information. The company would then investigate, seek proof of employment or make a referral to law enforcement.

In some instances, a person may also be blocked from a particular trade based on where he or she works, the company said.

The change comes as regulators are facing more pressure to crack down on abuses in fast-growing and highly lucrative prediction markets. Correct bets on the timing of the government’s actions in Iran and Venezuela, as well as on Google search results by an employee of the tech giant, have created growing concerns about leaks of sensitive information.

Both the U.S. House and Senate have introduced legislation that would bar any public official from placing prediction-market bets using nonpublic information learned at work. And governors in states including New York and Illinois have signed legislation barring state employees from using inside information for betting.

Kalshi said it was putting its new rules into effect, a move reported earlier by The Wall Street Journal, following a recommendation from an advisory committee the company formed this year. The committee recommended tighter security measures, including making it easier for whistle-blowers to report suspicious activity.

The company has already established employment disclosure for markets that may pose a national security risk, it said.

“Kalshi does not list markets on war, assassination or violence,” the company said in a statement. But “we recognize that even standard markets on leadership or foreign policy might present incidental national security concerns.”



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