Inside CBS News’ Controversial Deal: A Betting App’s Hidden Influence on Election Coverage Exposed
Ever wondered if your local news is just another ad for the latest betting craze? Well, buckle up, because CBS News just took that notion to a whole new level—airing midterm election coverage sponsored by none other than DraftKings, the sports gambling giant. That’s right, your trusted news source is now partnering with gambling interests, not on election night alone but starting October 26th, peppering their broadcasts with multiple daily sponsored segments. It’s a wild mashup of politics and betting promos, and honestly, it makes you ask: When did the evening news turn into an infomercial for placing bets? Adding to the intrigue, CBS is doubling down by teaming up with prediction market Kalshi—where political insiders (hello, Donald Trump Jr.!) have serious skin in the game. With 7 out of 10 Americans disapproving of betting on elections, CBS’s move raises a critical question—are we broadcasting the news or broadcasting the odds? Dive deeper into this controversial blend of democracy, dollars, and data. LEARN MORE.
It has to be bleak for any grownups left at CBS News, particularly as we close in on the midterms.
In the latest humiliation, the once-venerable network has sold any remaining sliver of respect it had to air election coverage that is sponsored by none other than sports-gambling site DraftKings, according to Status.
And CBS isn’t waiting around until election night for this genius idea, nosiree. This unhinged sponsorship deal starts Oct. 26, and it requires airing four sponsored hits each day with the DraftKings sponsorship featured prominently.
It’s so cool and great that sports-betting branding will be slapped across election coverage and not at all troubling that CBS already seems to have an affiliate marketing deal with DraftKings over at CBS Sports. Use their promo code to get $200 in bonus bets! Act now!
Okay, to be scrupulously fair, CBS Sports seems to have affiliate marketing deals with multiple betting sites, with codes not just for DraftKings but also for BetMGM, Fanatics, FanDuel, and more. Sure, why not.
But don’t get it twisted: This horrible idea is limited only to those relatively few local stations that CBS owns and operates. But if you want to get your gambling fix during election season but aren’t in one of those media markets, CBS still has you covered thanks to its partnership with Kalshi.
Yes, the prediction market where Donald Trump Jr. isn’t only on the payroll as an adviser, but where his venture capital firm pumped $300 million earlier this year. Not to mention, when he was “hired,” he got $300,000 in shares—which are now worth astronomically more. That’s now “partnering with CBS News to bring prediction market data to their midterm elections coverage.”
Kalshi has Don Jr.’s daddy to thank for the right to be meddling in our elections in the first place, since the administration dropped the Biden-era ban on betting on elections.
Related | Prediction markets place odds on election results. Officials say they could erode public trust.
CBS is so hyped about this that it’s already running video hits about “the hottest midterm races on Kalshi” and having Kalshi’s head of research on to chat.
Sure, 7 in 10 Americans disapprove of betting on elections, but why should that matter when there’s money to be made?
Well, money for certain people.
The administration has been forcing Kalshi and its biggest rival Polymarket—which also, conveniently, has Don Jr. as an adviser, albeit an unpaid one—down everyone’s throats by pretending that they’re somehow akin to commodities or futures markets.
But it’s unlikely that anyone would participate in actual commodities trading if they got results like Kalshi—where there are 2.9 unprofitable users for each profitable one—or Polymarket—where 67% of profits go to 0.1% of accounts.
These are just betting apps, pure and simple, but with the added feature of being havens for the worst people to engage in insider trading. Remember that conveniently timed bet from a lucky ducky who knew just the right moment to bet on the U.S. invading Venezuela?
And even if the odds—no pun intended—weren’t stacked against regular users, betting on elections is still corrosive to democracy. Having Kalshi spit out election odds gives voters financial incentive to cast their ballots in hope of financial gain rather than for the best candidate.
It opens the door to campaign insiders with a direct stake in the results to manipulate markets with nonpublic information. No upside, tons of downside—why would anyone take this bet?
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