The U.S. Department of Justice has charged Google software engineer Michele Spagnuolo with gaining over $1.2 million by using insider information to trade on Polymarket.
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Florida senator files wide-ranging gambling reform bill
Republican state senator Clay Yarborough has filed a new gambling reform package, called SB 1164, aimed at tightening penalties for illegal gaming in Florida.
If passed, the reforms will take effect in October 2026 and include an overhaul of gambling regulation for cardrooms, slot machines, internet gambling, wagering on fixed contests, and illegal gambling ads.
Under the bill, the requirement for the Florida Gaming Control Commission to appoint members based on racial, ethnic, and gender diversity will be abolished. Consideration of minority status for granting licenses and hiring minority groups will also be removed.
Stricter criminal penalties are proposed to be implemented for betting on contests with predicted outcomes, with agents or employees of gambling venues also being subject to charges. Landlords who rent spaces for gambling houses will be facing charges as well.
Cardroom game-fixing will be classified as a third-degree felony, while a maximum fine of $500,000 will be imposed for importing over 50 slot machines.
Another measure from the bill is to criminalize transporting people to Florida to gamble illegally, with penalties based on the number and age of people.
Lastly, advertisements of illegal gambling will be treated as first-degree misdemeanors for the first offense, with subsequent violations elevated to third-degree felonies.
In a new post published on Truth Social, U.S. President Donald Trump has spoken out in support of CFTC-regulated prediction markets, praising the “new form of Financial...
