NY Governor Bans Insider Betting on Prediction Markets

New York Governor Kathy Hochul has signed an executive order prohibiting state employees from utilizing nonpublic information gained through their official duties to profit from or avoid losses in prediction markets. This move addresses the increasing prevalence of such platforms and potential for insider trading. The order specifically targets individuals serving at the pleasure of the Governor or appointed to public authorities. This action follows a similar executive order issued by Illinois Governor JB Pritzker and Kalshi's recent enforcement actions against candidates for betting on their own races, highlighting a growing regulatory focus on the integrity of prediction markets.