New York, Illinois Sign Executive Orders Barring State Employees From Prediction-Market Trading

Prediction markets allow traders to buy and sell contracts based on the outcomes of real-world events, including elections, sports, military operations and economic indicators. The market expanded for seven consecutive months, with monthly trading volume reaching $23.6 billion in March 2026. Public employees who use nonpublic government information to place bets create risks involving conflicts of interest, market manipulation and public trust.

Illinois Governor JB Pritzker signed Executive Order 2026-04 on April 21, 2026, and New York Governor Kathy Hochul signed Executive Order No. 60 the following day. Both took effect immediately and bar state agency employees, officials and appointees from trading on nonpublic information obtained through their positions or helping others profit from it. Neither order set a separate fine.