Last updated: August 14, 2024
Amidst a heated 2024 presidential race, Democratic senators, led by Sen. Jeff Merkley, are urging the Commodity Futures Trading Commission (CFTC) to ban political betting exchanges. They argue that such practices undermine the democratic process despite US bans on commercial political betting. The call for action highlights ongoing concerns about election integrity.
The last two US presidential elections are some of the nastiest in the history of America. It is on track to do so following the pattern of previous elections, presumably by November 2024, as the Democratic party got closer to the Republican candidate, Donald Trump, by only three points in the polls.
In an attempt to eradicate what they deem harmful activities, which reduce the credibility of political races, the Senate Democrats, led by Jeff Merkley of Connecticut, are demanding that the Commodity Futures Trading Commission (CFTC) adopt an earlier proposed amendment. This amendment would ban political betting exchanges that enable people to wager on the U.S. and global elections.
Like the revelation of betting against the UK’s Conservative Party members, Sen. Merkley and his friends have called on CFTC Chairman Rostin Behnam to proceed with the ban. Critics claim that political betting vulgarizes the voting process and changes voters’ motives from political values to dividends.
While commercial political betting is currently prohibited in America, major companies such as Draft Kings and Fan Duel do not post political odds. Bet 365, however, does offer political betting in Britain. The other political betting exchanges remaining in the US are more of the scholarly type and are only used for research.
Even scientific political betting seems to raise doubts in the senators and thus Behnam, the Chairman was inclined to support the senators to some extent. However, not all the members of the CFTC have a similar opinion. Commissioner Summer Mersinger has referred to the 10th Amendment arguing that the matter should be solved at the state level and not at the federal level.
Although a ban targeting the political betting exchanges may not be around the corner, the demand for a social action speaks volumes of the increasing apprehensions on the nation’s poll INTEGRITY as the presidential campaigns gain momentum. The letter to the CFTC was also co-sponsored by senators Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI) and several representatives, including Eleanor Holmes Norton (D-DC), Jamie Raskin (D-MD), and John Sarbanes (D-MD).
Democratic senators warn that “election gambling essentially reduces the value of their democracy.” Political bets can change people’s interests, and instead of voting based on their principles, they will vote to make money.
However, some people consider the measures too precautious: Sports political betting is unlawful in the United States, and applications like DraftKings and FanDuel do not list the political odds. Only bets on political events within the territory of the United Kingdom are permitted in the Bet365 company.
So, there are only a few political betting exchanges in the aforementioned countries apart from limited research-based ones in the US. These exchanges, although fun to some, are not necessarily sales-based, which sets them apart from the betting platforms that are concerned with the proposed ban.
