Online Betting Block for Swalwell’s Associate
A close associate of Democratic Congressman Eric Swalwell has reportedly been barred from participating in online betting for California’s 2026 gubernatorial race, as per a report from Politico.
Stephen Krubeck, a prominent Democratic donor, recently withdrew from the race. He shared a screenshot revealing his unsuccessful attempt to wager on Kalsi, an online prediction market platform. Krubeck stated that he tried to place a $1,000 bet on Swalwell’s victory and about $2,000 on his rival, San Jose Mayor Matt Mahan, losing, but neither bet was accepted. A message on the website indicated that Krubeck was “currently restricted from trading in this market.”
Interestingly, this restriction came months after Krubeck had successfully bet on himself when he was still a candidate. He even provided a screenshot to Politico showing that he had wagered approximately $4,750 on Kalsi’s win back in October 2025.
Elizabeth Diana, a spokesperson for the betting site, noted to Politico that politicians are typically “prohibited from trading on their own elections,” though she didn’t elaborate on the specific restrictions affecting Krubeck.
Krubeck expressed his confusion to Politico, saying, “What did I do wrong? I’m not a candidate, I’m not part of any campaign. I’m not paid by any campaign. Why didn’t they forbid me to bet against myself?”
Just a month after placing his bets, Krubeck announced he was stepping away from the campaign and instead endorsed Swalwell. Campaign records indicate that Krubeck contributed as much as $39,200 to Swalwell’s campaign.
The Democratic Party is currently facing challenges attracting voter support with multiple candidates in the race. At the state convention, no candidate received the majority vote, and none has received official party endorsement.
However, since entering the race late in 2025, Swalwell has been leading other Democrats in polling. Recent data from IVP revealed that Swalwell received 17.8 percent support in the June primary, placing second behind leading Republican candidate Chad Bianco, who garnered 23.2 percent.
