"Pritzker's office stated that the new order strengthens protections against insider trading in response to emerging risks tied to the rapid growth of event-based gambling."
"Prediction markets have rapidly grown into a space where people can bet on real-world events without any oversight, including events people can influence."
"The Illinois Gaming Board has issued cease-and-desist orders to over 12 prediction market operators since April 2025, highlighting regulatory concerns."
"The executive order applies regardless of whether the state employee or any other person ultimately profits from the insider information."
Illinois Governor JB Pritzker signed Executive Order 2026-04, prohibiting state employees from participating in prediction markets using nonpublic information. This order strengthens existing laws against insider trading amid concerns over the rapid growth of event-based gambling. The Illinois Gaming Board has issued cease-and-desist orders to over 12 prediction market operators since April 2025. The executive order responds to a federal lawsuit from the CFTC, asserting exclusive jurisdiction over event contracts, and addresses insider-trading risks linked to recent events.
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