(INDIANAPOLIS) - Online bettors are wagering tens of thousands of dollars on Indiana political races through online prediction markets, including the Republican race for Indiana secretary of state.
The Indiana Capital Chronicle reports the prediction market Kalshi has seen nearly $80,000 in trade volume tied to the Republican secretary of state nomination contest.
The race recently expanded to four candidates after Max Engling, a staffer for U.S. Senator Jim Banks, entered the race on May 20. According to the report, Engling quickly moved to the top of Kalshi's projected odds after receiving endorsements from several Republican elected officials.
As of Tuesday afternoon, Kalshi listed Engling with a 76 percent chance of winning the nomination, followed by Knox County Clerk David Shelton at 11 percent, incumbent Diego Morales at 8 percent and conservative activist Jamie Reitenour at one-half of one percent.
Indiana Democratic Party Chair Karen Tallian criticized election betting markets, calling them "demeaning to democracy" in comments to Indiana Capital Chronicle.
The Indiana Republican Party also expressed concern about election betting but emphasized that convention delegates and voters ultimately decide elections.
The report says bettors are also wagering on Indiana congressional races, the 2028 Indiana governor's race and possible future redistricting.
Indiana Gaming Commission officials told Indiana Capital Chronicle the state does not regulate prediction markets because they fall under federal oversight through the Commodity Futures Trading Commission.