Kalshi Probes Suspicious Bets on Trump’s New Press Secretary Before Public Announcement

Prediction market Kalshi is looking into trades that correctly called Katie Zacharia as President Donald Trump’s next White House press secretary before the news broke. A Kalshi spokesperson confirmed the probe to the Wall Street Journal but offered no further comment. Trades are anonymous to the public, though the company keeps records of who its traders are. Media outlets began reporting the pick around 2 p.m. ET Friday, and at least three wagers were placed earlier, based on the Journal’s review of public data. Traders had given her roughly a 1% chance in the days before.

Small Bets, Large Payouts

The three wagers total about $173 and are set to pay roughly $9,600. A $19 bet from Thursday night pays $1,896, while two Friday afternoon bets of about $74 and $80 should return $3,689 and $4,023. Trump later confirmed the choice on Truth Social, naming her to succeed Karoline Leavitt.

Insider Trading on Prediction Markets

In August, former White House teleprompter operator Gabriel Perez agreed to repay $107,539 and pay a $65,000 penalty to settle CFTC charges over Kalshi trades made after reading Trump’s prepared remarks. Kalshi also permanently banned former Rep. George Santos on Aug. 31 and fined him just over $71,000.

Since June, Kalshi has required employer disclosure for high-risk markets, reporting over 20 law enforcement referrals and 150 investigations in the first quarter. House Oversight Chair James Comer opened a probe in May.