The Wisconsin Elections Commission (WEC) has warned voters against placing election-related bets through prediction market platforms such as Kalshi and Polymarket, saying those who both wager on and vote in the same election could be committing a felony under state law.
In a news release published Tuesday, the commission said Wisconsin law prohibits a person from voting “in any election in which the person has made or become interested, directly or indirectly, in any bet or wager depending upon the result of the election.”
The warning followed a legal memorandum from the commission’s counsel, which concluded that trades placed on election-related prediction markets offered by Kalshi and Polymarket qualify as a “bet” or “wager” under the statute.
“Commission staff believes the prohibition against ‘any bet or wager depending upon the result of the election’ § 6.03(2) includes making trades on election-related prediction markets,” the memo said.
Election commissioners voted to issue the public warning after reviewing the legal analysis.
Kalshi and Polymarket rejected the commission’s interpretation, maintaining that their platforms operate as financial exchanges for futures contracts rather than gambling products.
“Kalshi has hundreds of thousands of users in Wisconsin,” a company spokesperson said. “Implying they can’t vote because they use Kalshi is not only dishonest, it is voter suppression!”
The spokesperson said the commission’s warning could discourage eligible voters from casting ballots.
“If even a handful of our users in Wisconsin see this and get scared away from voting, that could EASILY swing an election,” the spokesperson said, calling the WEC’s news release “incredibly dangerous to democracy.”
“We hope the WEC retracts their statement before a court forces them to,” the spokesperson added.
A Polymarket spokesperson said the company would challenge the commission’s position through legal channels.
During the commission’s deliberations, Wisconsin Elections Commissioner Ann Jacobs defended the state’s prohibition on election wagering by voters.
“You want people who have the ability to vote based upon who they believe is the best person for the job,” Jacobs said. “Not to line their pocketbooks.”