Representatives in Congress today sought to ban election gambling, and the proposed legislation could very well amend the Commodity Exchange Act, which is a law that is responsible for regulating the trading of futures and commodities in the United States.

Representatives Jamie Raskin and Andrea Salinas have taken a decisive step to safeguard the integrity of US elections with the introduction of the Ban Gambling on Elections Act. The bill seeks to outlaw betting on political elections by amending the Commodity Exchange Act, the legislation that governs commodities and futures trading in the United States.

This move aligns with a similar initiative spearheaded by Senator Jeff Merkley in the Senate, forming a bipartisan effort to address what lawmakers describe as a dangerous threat to democratic processes.

"With distrust in our electoral system at an all-time high, we must crack down on gambling in all US elections," stated Rep. Raskin. Raskin continued, "Our democracy demands reliable and transparent processes to cast ballots and tally results, not a horserace clouded by gambling odds and bets placed. I am proud to go all-in with Congresswoman Salinas and Senator Merkley in calling on Congress to ante up and pass this commonsense legislation."

Addressing a growing concern

The legislation comes amid reports of widespread election betting during the 2024 election cycle, with nearly $930 million wagered through two major platforms. Such practices, lawmakers warn, threaten to degrade elections from vital democratic exercises into mere profit-driven games.

Rep. Salinas emphasized the potential dangers, stating, "Elections betting sets a dangerous precedent, incentivizing bad actors to try and influence or interfere with our elections systems. We cannot play roulette with our democracy by allowing this kind of wagering without a thorough accounting of the potential consequences." She also highlighted the broader societal issue of gambling addiction, calling for increased federal support for treatment and research.

Concerns from experts and advocates

Experts and advocates have rallied behind the proposed legislation, voicing concerns over how election betting could further undermine public confidence in the democratic process.

"Betting on elections degrades them from an investment in leadership to a profit-maximizing game," said Senator Merkley. "In addition, this practice is corrupt since those betting can influence the outcome by funding late-cycle smear campaigns. It's like betting on a baseball game when you control the umpire."

Craig Holman, Ph.D., from Public Citizen, echoed these sentiments, warning that widespread gambling on elections could deepen mistrust. "Elections should never be viewed as simple games on which to wager for personal financial gain. At a time when the public's confidence in the integrity of elections is dispiritingly low, widespread gambling threatens to further undermine confidence in the validity of election outcomes."

Dennis Kelleher, CEO of Better Markets, stressed the potential consequences for market regulators like the Commodity Futures Trading Commission. "Gamblers should not be allowed to unleash gambling on American elections by sneaking it in through the back door of the CFTC, which has no expertise, experience, or ability to regulate or police election gambling," he said. "This would distract the CFTC from its vital public mission of protecting the commodities markets, which all Americans rely on for everything from cereal and bread to oil and gas."

Historical advocacy

Rep. Raskin has long been a vocal critic of gambling on US elections. He previously urged the CFTC to reject proposals that would allow betting on Congressional party control and called for an outright ban on election wagering.

As the bill moves through Congress, its proponents are urging swift action to enact these protections ahead of the next election cycle. "Our democracy is too important to be left to the whims of gamblers," said Rep. Salinas.

With gambling on elections generating billions of dollars in potential stakes, this legislation aims to decisively close the door on what advocates say is a harmful and corrupting practice. Whether it gains the traction needed to pass remains a key question as Congress debates this urgent issue.