US senators urge crackdown on wildfire betting amid warnings of arson risk

Experts say growing trend on sites such as Polymarket and Kalshi could motivate people to start fires to win money

A group of US lawmakers is sounding the alarm over prediction market platforms that allow users to bet on wildfires, as experts warn the emerging trend could raise the risk of arson.

Democratic senators from six states sent a letter this week to the chair of the Commodity Futures Trading Commission (CFTC), an independent government agency regulating platforms such as Polymarket and Kalshi, urging it to rein in the practice.