Prediction markets

Former U.S. Rep. Adam Kinzinger acknowledged it was “a dumb bet.” But as a private citizen who hadn’t been office for two years and wasn’t seeking office, he stressed repeatedly that it was not illegal.

The governor said he’s concerned about the lack of oversight, including bets on events which can be influenced by state employees.

The Trump administration is suing the State of Illinois to stop it from applying its gambling laws to prediction markets such as Kalshi or Polymarket, the latest salvo in an ongoing regulatory battle over who gets to regulate the multibillion dollar markets.