House Memo Targets Officials’ Prediction Market Bets

House Oversight staff issued a November 13 memo urging Congress to restrict federal officials from betting on prediction markets tied to government actions and political outcomes, while leaving the platforms' broader business untouched. The proposal follows Robinhood's disclosure that its event contracts revenue rose more than sixfold year over year, underscoring how quickly prediction markets have grown into a meaningful revenue line for brokers. The memo's narrow scope matters because it targets traders rather than the exchanges themselves, reducing the risk of near-term disruption to platforms such as Kalshi and Polymarket. Watch next for whether lawmakers take up the recommendation and how aggressively officials' trading activity is defined and enforced.