To: U.S. Congress
Tell Congress: No Bets on War
Allowing bets on war, terrorism, assassinations, and other government actions — which incentivize decision-makers to pursue outcomes that serve their financial interests — is corrupt, dangerous, and morally bankrupt. I urge you to pass the BETS OFF Act (S.4115/H.R.7955) to stop bets on war.
Why is this important?
Many of you, like us, mourned the thousands killed, voiced our opposition to another endless conflict, and mobilized to stop the Trump administration’s illegal war on Iran. Meanwhile, others were cashing in on bets they placed on the violence.
One prediction market on the platform Polymarket asking "Will the U.S. strike Iran?" grew to a staggering $529 million as users wagered to profit off acts of war. Six accounts, most of them created just 24 hours before the attack, made over $1.2 MILLION by betting that the bombs would fall on February 28. In any other scenario transactions like these would be under the microscope for insider trading.
Allowing bets on war isn’t just morally bankrupt; it’s also ripe for corruption.
Fortunately, Sen. Chris Murphy and Rep. Greg Casar agree. Their BETS OFF Act would ban gambling on war, assassinations, terrorism, and other war crimes.
As Trump’s war drags on, bets on its horrors and outcomes flood prediction markets — and it’s time to end the war profiteering.