Kalshi platform opens investigation into 3 suspicious bets on White House’s new press secretary, conservative commentator few saw as front-runner
This afternoon, President Donald Trump appointed Katie Zacharia, a conservative commentator who had less than a 1% chance of landing the job, as the new press secretary.
Screens displaying the Kalshi logo and homepage
Kalshi, one of the leading platforms in the betting and prediction market, has launched an investigation into a series of transactions related to the selection of the new White House press secretary.
Friday afternoon, President Donald Trump appointed Katie Zacharia — a conservative commentator who had less than a 1% chance of landing the job — as the new White House press secretary. However, before she was confirmed, some users placed bets on her name at just the right moment.
A spokesperson for the company confirmed the investigation but did not provide further details on the matter, The Wall Street Journal reported. The newspaper reviewed Kalshi's public data and identified at least three small bets, which were described as very "well-timed."
On Thursday, around 10:43 p.m. ET a $19 bet was placed that will pay out $1,896 when the market closes. On Friday, around 1:41 p.m., two more bets were placed, for about $74 and $80, with expected payouts of $3,689 and $4,023. Around 2 p.m., The New York Times and other media outlets began reporting that Zacharia had been selected, and Trump later confirmed it on Truth Social. "I am confident that Katie will deliver strong results for our Country," he wrote.
Zacharia, who worked briefly at the Department of Homeland Security and is a frequent media commentator, was not considered a front-runner for the position, and her selection came as a surprise to many.
Although the amounts involved would be small in the event of any irregularities, there have already been recent cases of insider trading. For example, Trump's teleprompter operator, Gabriel Pérez, was fired from the White House after making more than $100,000 from bets on the president's speeches, and in August he reached a settlement with the Commodity Futures Trading Commission (CFTC). Following a series of well-timed bets on the war with Iran, the White House had already sent a memo to its staff warning against the use of nonpublic information for private gain. The newspaper does not link those cases to this investigation.
Operations on Kalshi are anonymous to the public, but the company maintains records of its users' identities. Neither the White House nor the CFTC responded to inquiries from the WSJ.
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