Connecticut reminds residents that election betting is not legal

As the US presidential election is upon us, the Connecticut Department of Consumer Protection (DCP) has issued a statement that urges residents to be wary of betting on the race's outcome, as political betting is not yet legal in the state.

Beware of political betting in Connecticut – it’s illegal

This is potentially a jab at Kalshi and Robinhood, two platforms that recently introduced future markets for the elections, which the media has dubbed "election betting," as have many sceptics. However, Kalshi has won a legal reprieve allowing it to offer its future markets in the country and is not slowing down or worried about legal repercussions, as it finds the formula of "future market" betting a valid one under US law.

Urging people to resist the temptation to use these platforms, the DCP said that there are only three licensed betting platforms in the state and that none of them offered political betting markets, specifically DraftKings, FanDuel, and Fanatics.

Furthermore, Bryan T. Cafferelli, DCP Commissioner, had this to add: "We know elections sometimes feel like a sport, but the reality is they are not. Wagering on an unlicensed platform just to bet on an election leaves consumers' personal information and money vulnerable to theft and fraud."

Cafferelli said that the DCP does not regulate platforms that offer political markets and are therefore dangerous. While election betting remains a contentious matter in the United States and indeed there has been no commercial political betting authorized anywhere in the country, overseas websites – both offshore and licensed – have been generating a strong turnover.

The US presidential election is one of the most bet-on political events globally, but US residents and citizens remain largely excluded as there have been multiple calls that legalizing commercial gambling would undermine the sanctity of the process.

Political future markets available despite legal brouhaha

Kalshi, though, has won a legal reprieve against the Commodity Futures Trading Commission, allowing it to launch its future markets on the US presidential election, and so far, the platform has touted a strong interest and uptake from players.

Robinhood, a Gen Z and Millennial-focused platform, has similarly followed suit, enabling US residents who have achieved a certain investment status within the platform to benefit from access to political future markets, or betting as regulators insist.

Connecticut is hardly the only state to have sounded an alarm over the potential dangers of political betting. The State of Washington has struck a similar message, warning consumers to not place "political bets" as they are illegal in the state.

In the meantime, Polymarket, another platform for future markets, has accepted millions worth of bets on the outcome of the US presidential election.

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