Key Points: Students at University of Miami allegedly used information from Jeff Bezos’ stepson to profit from Super Bowl attendance bets False rumors about Mark Wahlberg attending the Super Bowl generated over $24 million in trading volume on prediction markets Kalshi is investigating both the Bezos and Wahlberg markets for possible insider trading violations Recent cases include $1.2 million in profits from Iran military strike bets and $400,000 from Venezuela regime change wagers U.S. Senators have introduced legislation to prevent federal officials from trading on prediction markets
Prediction market platforms Kalshi and Polymarket are investigating possible insider trading after college students allegedly used private information to profit from Super Bowl wagers. The case centers on bets about whether celebrities like Jeff Bezos and Mark Wahlberg would attend the game.
According to a Wall Street Journal report, students at the University of Miami’s Sigma Alpha Epsilon fraternity began betting that Amazon founder Jeff Bezos would not attend the Super Bowl. Evan Whitesell, Bezos’ stepson, is a member of the fraternity.
As information spread through group chats and alumni networks, more traders bought contracts predicting Bezos would not appear. The probability of his attendance on Kalshi dropped from around 70% to roughly 30%.
Two people who placed bets said Whitesell was the source of the information. However, neither said they heard it directly from him.
False Rumors About Mark Wahlberg Generated Millions in Trading
A separate market on actor Mark Wahlberg’s attendance generated more than $24 million in trading volume based on false rumors. The rumors circulated in group chats and on social media, but Wahlberg did not attend the game.
The rumor started at Clemson University fraternities, where Wahlberg’s daughter Ella is a student. The Wall Street Journal cited a member of the Clemson chapter of