Wisconsin Governor Issues Executive Order Blocking Insider Trading on Prediction Platforms

Governor Tony Evers has signed Executive Order #294, a measure aimed at protecting public trust by stopping state employees from using insider information to profit on prediction markets. 

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The order comes at a time when prediction platforms have drawn national attention, with headlines highlighting scandals involving government officials who used nonpublic details to make money. 

One case involved a US special forces soldier who earned nearly $400,000 by wagering on the capture of former Venezuelan President Nicolás Maduro. With prediction markets growing rapidly and offering contracts on everything from elections to sports, Evers said Wisconsin must act to ensure integrity in government.

Violations may result in dismissal and other sanctions

Evers stressed that “nonpublic information should never be used by state workers for the purpose of pursuing personal gain or advantage or to benefit their family or an organization with which they are associated.” 

Under the order, all executive branch employees are barred from using confidential information to profit or shield themselves from losses in prediction markets. 

The rule also extends to family members and associates who might benefit from such disclosures. “All Wisconsin state executive branch employees are strictly prohibited from disclosing or using any nonpublic information obtained due to their public service to personally profit from, avoid loss from, or assist another person or entity,” the order states. 

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Violations may result in dismissal, referral to the Wisconsin Ethics Commission, or other sanctions, and serious cases could be handed to law enforcement. 

Prediction markets battle continues to heat up countrywide

The order also highlights the growing concern that prediction platforms, which allow wagers on government actions and global events, could be exploited by those with insider knowledge. State gaming officials have long argued that these platforms act like unlicensed sportsbooks, while operators insist they fall under federal oversight from the Commodity Futures Trading Commission.

This debate has spread across the country. Critics say contracts offered by operators blur the line between gambling and financial trading, and without state licensing, they undermine local oversight. Supporters of stricter rules point to scandals as proof of the risks, while operators push back, noting that the CFTC already regulates them.

CFTC Chair Michael Selig recently said sports betting and prediction markets are “two separate things,” suggesting federal regulators are not ready to impose tougher restrictions.

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