New rules for employees of the state of Illinois will prevent betting on the outcomes of current events and state government actions on prediction markets like Kalshi and Polymarket.
Governor JB Pritzker signed an executive order Tuesday that prohibits the use of the services that have grown in popularity over the past two years.
Pritzker said the order is in an effort to ensure transparent and ethical government operation. In the announcement, he said restrictions on insider trading are not strong enough at the federal level.
The order specifically bans all state workers and government leaders from using or sharing any non-public information in an effort to earn a financial edge.
Early this month, the Commodities and Futures Trading Commission brought a legal complaint against Pritzker – and other state officials – in federal court, alleging they overstepped the CFTC’s exclusive authority to oversee and regulate the betting platforms.
The lawsuit remains pending.
Story from Illinois Radio Network
Comments