While betting on political markets in America is illegal — outside of the futures market at PredictIt, which certainly seems to be in its death throes — betting on politics has long been a popular pastime for punters across the pond. It’s also gaining traction in Canada, where bettors there can wager on the 2024 United States presidential election via DraftKings.
Clearly, there is interest in this world, and as a result a new weekly political odds podcast has launched via US Bets‘ sister site, Vegas Insider, titled Get Out the Bet.
Co-hosted by veteran UK-based political handicapper Paul Krishnamurty, political reporter Melissa Caen (CBS San Francisco and SFGate), and Vegas Insider’s own Patrick Everson, the weekly podcast kicked off this week with a look into key line movements and markets in the upcoming U.S. midterm elections.
“For quite some time, betting on American politics has been all the rage in the legal, regulated UK market,” Everson said. “The Brits are wild about wagering on U.S. elections. And being honest, such betting is also quite alive in the, shall we say, ‘global’ market, if you know what I mean. As the midterms approach, and with a big 2024 presidential election looming, I thought the time was ripe to discuss the political betting market landscape — odds and polls and such, what’s taking place in the UK’s legal market, etc.”
It should be noted here that Kalshi, a prediction market, has petitioned the Commodity Futures Trading Commission to allow the nascent site to offer a futures market on American politics. A decision is expected by Oct. 28. In the meantime, the American political betting markets will remain very gray, bordering on black, but it’s obviously very much a talker.
“I think it’s an intriguing discussion that’s very much worth having,” Everson said. “Melissa and Paul are the perfect people to have in place for that discussion. Melissa is an insightful, reputable political analyst, while Paul is an expert on political betting. Listeners are in for a very interesting ride as Get Out The Bet evolves.”