A White House teleprompter operator is under investigation after allegedly making more than $100,000 by betting on what former President Donald Trump would say in major speeches.
Gabriel Perez is accused of placing bets on more than a dozen Trump speeches over a roughly three-month period, spanning late 2025 into early 2026.
The news comes in the wake of a decision by the Board of Supervisors in Maricopa County, Arizona, which just banned employees from using insider information on prediction markets.
Who Is Gabriel Perez and What Is His Role?
Perez, a longtime teleprompter operator for President Trump, is accused of using early access to prepared speech text to place wagers on a prediction market platform called Kalshi. These markets allow users to bet on whether specific words or topics will be be mentioned during public speeches.
Perez works as one of Trump’s teleprompter operators, a job he has held since 2016. His position gives him rare early access to Trump’s prepared speeches, and he often receives last-minute changes directly from Trump or top adviser Stephen Miller.
According to reports from ABC News, Perez placed bets across several high-profile events. These include the State of the Union address in February, a speech at the World Economic Forum in Davos, and multiple official remarks throughout the year.
Here are the key speeches publicly linked to Gabriel Perez's alleged betting activity on Kalshi, based on reporting from ABC News and other outlets:
- February 2026 State of the Union address — Highlighted as a major example. Perez allegedly had early access to the prepared remarks.
- December 2025 primetime address — One of the speeches in the series.
- January 2026 speech at the World Economic Forum in Davos, Switzerland — Included in the investigated bets.
- March 2026 remarks during a Medal of Honor ceremony — Another specific example.
January 2026 remarks to the Detroit Economic Club is another one in question. Federal investigators believe this was among the speeches Perez bet on. Mr. Trump himself referenced going off-teleprompter frequently during these remarks.
How the Trump Speech Activity Detected by Kalshi
Kalshi’s internal monitoring system reportedly flagged Perez’s activity after noticing unusual betting patterns. Investigators found that he sometimes adjusted or canceled bets mid-speech when Trump went off-script and skipped expected lines. This behavior raised concerns about the use of nonpublic information.
Perez has since spoken with regulators and admitted to making some of the trades. He is now in settlement talks with the Commodity Futures Trading Commission (CFTC), which oversees platforms like Kalshi. Potential penalties may include returning profits and agreeing not to engage in similar trading in the future. At this time, no criminal charges have been filed.
A recent survey highlighted the concerns people have in relation to prediction markets and how they work. In one instance in France, someone manipulated temperature readings to win large amounts of money.
And in a separate case, Minnesota banned prediction markets outright last May. This was another incident involving Kalshi in which a candidate from Texas and another from Minnesota were caught betting on their own races. Kalshi levied fines in both instances.
How Do Prediction Markets Work?
Prediction markets like Kalshi have grown in popularity, especially for political events. Traders often bet on what public figures will say, but the use of insider knowledge is strictly prohibited.
You trade contracts that pay out based on whether a specific event happens (Yes/No) or, in some cases, how much of something occurs (e.g., vote share or mentions in a speech).
- Example: A contract on a President Trump speech might look like this: "Will Trump mention 'economy' in his next speech?" might trade at 65¢ for Yes. If it resolves Yes, the Yes contract pays $1. If No, it pays $0.
- The price (between $0 and $1) reflects the market's collective probability (65¢ = 65% chance).
The CFTC has made it clear that using job-related, nonpublic information to gain an advantage may violate federal law.
This case adds to a growing list of investigations involving insider activity on prediction platforms. Recent cases have included individuals using confidential corporate data and even classified information to place bets.
What Is Next in the Trump Speech Betting Case?
The White House has stated that Perez is cooperating with the investigation. Officials also emphasized that staff are expected to follow strict ethical standards when handling sensitive information.
As prediction markets continue to expand, regulators are increasing oversight to ensure fairness and prevent misuse of privileged access.
The case involving Perez, and President Trump's speech scripts, could shape how insider trading rules are applied in emerging betting platforms moving forward.
