Senators urge halt to wildfire betting markets after $1.2M in bets placed during 2025 SoCal firesCalifornia Senators Alex Padilla and Adam Schiff, along with seven other U.S. senators, are calling on online trading platforms to stop offering betting markets tied to wildfires, arguing that the practice profits from disaster and could create harmful incentives. California Senators Alex Padilla and Adam Schiff, along with seven other U.S. senators, are calling on online trading platforms to stop offering betting markets tied to wildfires, arguing that the practice profits from disaster and could create harmful incentives. California Senators Alex Padilla and Adam Schiff, along with seven other U.S. senators, are calling on online trading platforms to stop offering betting markets tied to wildfires, arguing that the practice profits from disaster and could create harmful incentives. The lawmakers raised concerns after more than $1.2 million in bets were placed during the 2025 Palisades and Eaton wildfires in Los Angeles. The betting activity tied to major wildfires prompted the senators, including Padilla and Schiff, to send a letter to the Commodity Futures Trading Commission.