Capitol Fa - Your Illinois News Radar » SUBSCRIBERS ONLY - Campaign stuffCapitolFax.com

Capitol Fa - Your Illinois News Radar » SUBSCRIBERS ONLY - Campaign stuffCapitolFax.com

Illinois regulators say prediction markets are illegal gambling

But bettors — and the Trump family — love them.

Illinois regulators say prediction markets are illegal gambling, but bettors — and the Trump family — love them | Illinois State Bar Association

Illinois regulators say prediction markets are illegal gambling, but bettors — and the Trump family — love themPrediction market platforms like Kalshi and Polymarket rake in millions from wagers on sports and current events but pay nothing in state betting taxes and ignore regulations that govern online sportsbooks. Source: Capitol News Illinois

Illinois regulators say prediction markets are illegal gambling, but bettors love them

By Casey Toner, Hannah Meisel and Illinois Answers Project, Capitol News Illinois This story is a collaboration between Illinois Answers Project and Capitol News Illinois. On a recent Tuesday afternoon, at a small, round table in a spacious apartment in Chicago’s Hyde Park neighborhood, 19-year-old Oliver Wilson sits engrossed in front of two laptop screens, neither of which have anything to do with his introductory-level molecular engineering f…

Prediction Markets Up Against Illinois’ Century-Old Gambling Law in Series of Lawsuits

Prediction market platforms have spent the past year fighting with states over who gets to regulate them. Now firms like Kalshi and Polymarket are facing a different kind of threat in Illinois and other states: plaintiffs’ lawyers armed with centuries-old gambling laws. “There are state-level gambling laws that regulate the kind of conduct that Kalshi is engaged in,” argues attorney Russell Busch, who filed a federal lawsuit in Illinois against …