Minnesota DFL senator facing backlash after betting on his own political race

A Minnesota DFL senator is faced backlash after admitting he placed a bet in his own political race, all while pushing a bill to ban the very same platforms that took his wager.

Representatives with the prediction market platform Kalshi said its investigative team found Sen. Matt Klein, who is also vying to represent Minnesota's 2nd Congressional District, placed a bet on himself to win his primary. The platform said its newly implemented safeguards flagged and blocked not only Klein but two other political candidates from trading on their own elections.

In October, Klein said he heard from his friends that there was a prediction market site with a wage on his primary race. He said he's never wagered before but was curious and bet $50 of his money.

In March, he said was notified that was a violation. He reached a settlement with the platform, paid $539.85 and is banned from using the service for five years. In a statement, Klein apologized, saying in part, "my experience, like many other Minnesotans, points to the need for clearer rules and regulations for these types of markets."

https://www.cbsnews.com/minnesota/news/dfl-senator-matt-klein-prediction-market-bet-political-race/