Profiting off misery': Lawmakers push back on Polymarket bets on deadly L.A. wildfires

Nine U.S. senators have pushed back against prediction market platforms after more than $1 million was wagered tied to the 2025 Palisades and Eaton wildfires, fires that together killed more than 30 people and destroyed thousands of homes. The concern is that some users placed bets on questions such as how many acres the Palisades fire would burn and whether all wildfires would be contained by February. In an Aug. 3 letter to the Commodity Futures Trading Commission chairman, Sens. Alex Padilla and Adam Schiff said the wagers raise safety and arson concerns, and asked for “guardrails” by Aug. 14. Polymarket said it doesn’t prevent tragedies but argues accurate information would become less accessible.