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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Iowa Governor Reynolds signs sweepstakes reform bill
On May 15, the Governor of Iowa, Kim Reynolds, signed SF 2289 into law, effectively reforming state gambling rules and introducing restrictions against sweepstakes casinos.
Instead of imposing full prohibitions, the state has chosen to amend gambling laws and give new enforcement powers to the Iowa Racing and Gaming Commission (IRGC), according to which cease-and-desist orders and court injunctions can be issued against individuals offering games of chance, sports betting, or sweepstakes without required licenses. Since sweepstakes aren’t regulated or licensed in Iowa anyway, this means that all such platforms will automatically face enforcement action.
Previously, sweepstakes depended on their dual-currency system and bypassed gambling regulations, but under the new law, the state regulator will be able to act against any operator that offers unlicensed gambling activity.
Pari-mutuel betting, advance deposit betting, fantasy sports contests, and withholding rules for gambling winnings have also been reformed with the approval of the bill.
As the administrator of the IRGC, Tina Eick, stated, the commission had been trying to target crypto-based sweepstakes, offshore sportsbooks, and fake websites appearing as licensed casinos for some time now, and the language of the new bill has now addressed all three issues.
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...
