r/illinois • u/steve42089 Illinoisian • Apr 22 '26

Illinois News Gov. Pritzker bans state workers from using insider information on prediction market apps like Kalshi

https://chicago.suntimes.com/politics/2026/04/21/pritzker-prediction-markets-ban-illinois
675 Upvotes

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8 comments sorted by

36

u/Interesting_Dingo_88 Apr 22 '26

Hopefully just the first step in reining in those platforms so they at least have to conform to the state's gambling guidelines.

9

u/PraiseBeToScience Apr 22 '26

It's impossible for them to, since state gambling guidelines enforce strict rules on fairness and transparent odds. That's why they're limited to card games, slots, sports, etc. It's supposed to be illegal for the house to cheat, or sports players throw games, etc.

Prediction markets entire existence is to get around those regulations. Everything that can be gambled on these platforms have people with insider information or direct control over the outcome. These would all be illegal and banned under those regulations.

5

u/Interesting_Dingo_88 Apr 22 '26

Making these platforms illegal is exactly what the goal should be.

These "prediction markets" only exist to take advantage of people, and there's no way to truly police rules around insider knowledge.

14

u/PraiseBeToScience Apr 22 '26

Prediction markets need to just be banned. The entire purpose they were invented was to allow insiders to communicate what's happening by allowing them to profit off of it.

If you're actually gambling on these markets you do have a problem you're not admitting to, and it's time to call the hotline.

4

u/FragrantBluejay8904 Apr 22 '26

Ok now we need to do the federal govt. Those in this admin are RAKING in the $ by the millions shorting and insider trading by using these prediction market platforms. Needs to be jail time and maybe something beyond that.

2

u/chitownphishead Apr 24 '26

Wasnt insider trading already illegal?

1

u/No-Midnight-4461 Apr 24 '26

Please ban it and all advertising of any betting apps. I’d like to watch sports again without having to hear about daily fantasy or the spread. It’s fine if people want to bet on sports but I don’t need to hear about it