Georgia warns officials as election betting platforms gain national traction

With the midterm elections approaching, Georgia Secretary of State Brad Raffensperger issued a warning to election officials about the rapid rise of prediction markets such as Kalshi and Polymarket. Mike Hassinger, Raffensperger’s public information coordinator, said the platforms have become increasingly popular nationwide, even in states where traditional gambling is prohibited. Scholars Zac Peskowitz of Emory University and John Tures of LaGrange College noted that these sites now offer large-scale contracts on political events, making betting more organized and visible than before.

They argued that the prominence of betting odds can create unrealistic expectations about election outcomes, citing the Senate race where Polymarket shows Jon Ossoff at a 95% probability. Critics, including Mark Davis of Data Productions Inc., stressed that any election official wagering on races they oversee would constitute a conflict of interest. A study from the Israel Democracy Institute raised concerns that prediction markets may be treated like polls despite lacking regulation, potentially influencing voter behavior.