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Each settlement involved cooperation with Kalshi’s investigation.
What distinguishes Santos’ penalty is the exchange’s allegation that he actively issued false or misleading statements to alter prices and profited materially, violating additional rules such as failure to cooperate and manipulative conduct.
These breaches escalated his sanction to a permanent ban and a significantly larger fine compared to others involved.
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“The time was right to reassess this crucial policy area, focusing on the topic of gambling advertising where the former committee’s strong recommendations have been largely unaddressed and where substantial developments in the gambling advertising landscape since 2020 have demanded a re-evaluation of the policy options,” he said.
The committee has advocated for applying a public health framework to gambling advertising regulation. It criticised the existing patchwork of self-regulation, noting the Advertising Standards Authority (ASA) codes, co-regulation for broadcasts and industry-led voluntary measures, were inadequate.
Instead, the report recommended that advertising regulation be placed on a statutory footing under the Gambling Commission.
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