Davis bill fines election candidates $10k for betting on themselves
The bill follows a $2,600 Kalshi settlement that only barred Davis’s own opponent from the platform for three years.
The hit
US Rep. Don Davis has introduced the ‘No Betting on Your Own Race Act’, which would fine federal candidates & their immediate families for trading prediction markets tied to their own elections, according to Crypto Briefing. Penalties run to $10,000 per violation or three times the net gain, whichever is larger.
Why it matters
Right now, the only thing stopping a candidate betting on their own race is a platform’s house rules, not the law. That means a settlement & a suspension, not a proper deterrent. Davis’s bill would turn a voluntary ban into a federal one, closing a gap that mainly hits challengers who sit outside existing congressional ethics rules.
The record
| Bill introduced | 5 October 2026, by Rep. Don Davis (D-N.C.) |
|---|---|
| Penalty proposed | $10,000 per violation or 3x net gain, whichever is larger |
| Trigger case | Laurie Buckhout, Davis’s Republican opponent, settled with Kalshi in August 2026 |
| Buckhout’s cost | Roughly $2,600 plus a 3-year Kalshi suspension |
| Existing rule gap | An earlier Senate resolution covered only sitting senators & staff |
What happens next
Congress has limited time to act before the November 2026 elections, & the bill reportedly lacks bipartisan momentum, according to Crypto Briefing.
Sources: No Betting on Your Own Race Act: Don Davis introduces bill
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