Just hours after it began, legal betting on the outcome of U.S. Congressional elections has been put on hold by a federal appeals court.
The Court of Appeals for the District of Columbia Circuit issued an order Thursday night temporarily freezing the matter until it can consider and rule on the issue. No timetable was initially given.
The court acted at about 8:30 p.m. Thursday, mere hours after a federal judge cleared the way for the only bets on American elections to be legally sanctioned by a U.S. jurisdiction.
U.S. District Court Judge Jia Cobb permitted New York startup company Kalshi to begin offering what amounts to bets on the outcome of November elections regarding which parties win control of the House and Senate.
The company's markets went live soon afterwards, and Kalshi accepted an unknown amount of bets, which it called "contracts."
