A recent decision by a federal appeals court has legalized betting on U.S. elections, allowing platforms like KalshiEX to list election-related contracts. This ruling comes amidst a growing trend of election betting resembling gambling rather than hedging, as it raises concerns about the commoditization of democracy. While the legality of betting on congressional elections was upheld, the Commodity Futures Trading Commission (CFTC) is closely scrutinizing popular platforms like Polymarket as the electoral season approaches. The implications of these rulings may usher in a new era for event contracts in the U.S., echoing the sentiment that American politics is increasingly akin to a casino.