The governor of North Carolina, Josh Stein, has signed an executive order to ban state employees from trading on prediction markets using insider information obtained from...
Illinois’ $56B state budget to include prediction market tax
The General Assembly of Illinois has approved Governor Pritzker’s $56 billion state budget plan for 2027, which includes a tax on prediction market sports event contracts.
In addition to imposing taxes on prediction markets, the budget will establish a new licensing and taxation system for daily fantasy sports as well, adding a 15% tax for fantasy sports operators, which is estimated to generate around $65 million.
Governor Pritzker commented on the budget plan:
“Our budget has increased at less than the rest of inflation since I took office. I warned that there would be truly unprecedented challenges because Donald Trump and the Republican Congress are cutting the state over $8 billion.”
The measure is the biggest budget in Illinois history so far, as it plans to amend the state’s Sports Wagering Act in order to include exchange wagers in the list of regulated sports bets under state law. According to the new legislation, every exchange wager will become subject to a 1.75% transaction tax, and the rate will go up to 3.5% in the case when an operator exceeds five million bets during the year.
However, the plan didn’t propose to align casino table-game tax rates with slot machine rates, which were previously included in the Governor’s February budget.
Approved on June 1, the budget aims to allocate around $300 million for public education, $100 million for struggling families, and $143 million to healthcare programs for older immigrants.
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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