The Reform Party National Committee said it will amend its organizational bylaws to restrict members of the committee and party staff from participating in political betting.
The party announced the planned change in a brief statement posted this week, saying the update would “keep committee members and staff from partaking in political betting using bookies.” Additional details about the scope of the policy or how it will be enforced were not immediately provided.
The proposed change appears to target betting on political outcomes, a practice that has drawn increased attention in recent years as prediction markets and other forms of wagering have grown in visibility. The industry has become a multi-billion dollar sector that has drawn concern over insider knowledge and its potential to influence public perception of political events.
The practice allows individuals to trade on the outcomes of elections or other political events, with participants buying and selling shares tied to specific outcomes and prices reflecting the market’s assessment of each outcome’s probability. Payouts are determined by whether those outcomes occur.
The Reform Party is the second political organization to address political betting in recent days. The Vermont Progressive Party, a state-specific organization, also recently announced that it would bar its members from participating in political betting or prediction markets, warning that violations could result in removal from the party or its leadership roles.
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