White House staff told not to place bets on prediction markets

Following a recent directive, White House personnel were advised against leveraging confidential data to engage in betting activities on prediction platforms. The directive, disclosed by the Wall Street Journal, was issued on 24 March, coinciding with the day President Donald Trump announced a temporary halt to his potential strike on Iranian energy facilities. The message highlighted media reports questioning whether government insiders might exploit non-public details for financial advantage on markets such as Kalshi or Polymarket.

Spokesperson defends administration’s actions

White House spokesperson Davis Ingle addressed the issue, asserting to the BBC that “any suggestion of Administration officials betting with unverified data is unfounded and untrustworthy.” He emphasized that all federal employees are bound by ethical standards that disallow the misuse of insider knowledge for personal profit. “President Trump’s sole focus is always on the welfare of American citizens,” Ingle concluded.

“Any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible reporting.”

Prediction markets, which now process over $44bn in transactions, have surged in popularity recently. These platforms enable users to wager on a vast array of events, from athletic competitions to political outcomes. For example, bets can be placed on central bank decisions or local electoral results. However, concerns arose in January when Polymarket faced attention after an anonymous trader earned almost $500,000 by predicting the capture of Venezuelan leader Nicolás Maduro shortly before the event was confirmed. The account’s blockchain-based identifier raised questions about whether the bet was informed by prior intelligence.