Wisconsin state capital in Madison. PC: Fox 11 Online
(WTAQ-WLUK) — An executive order signed by Governor Tony Evers targets prediction markets amid national concern over insider profiteering by government workers.
Executive Order #294 prohibits Wisconsin state government workers from disclosing or using insider information available to them in the course of their work for the state in order to personally profit or benefit.
The governor’s order is designed to specifically respond to the growing proliferation of engaging in prediction market contracts and betting and the use of nonpublic information by individuals to benefit themselves, their family, or relatives.
“State workers in Wisconsin work hard every day in dedicated service of the people of our state, often going above and beyond their job description and daily responsibilities to support Wisconsinites and our communities and meet their needs,” said Gov. Evers. “Maintaining public trust and confidence in our state government demands and depends upon transparency, accountability, and integrity, and upholding the fundamental tenet of public service that, above all, the work must be for the benefit of the public good and not for personal greed or gain. That is a commitment we take seriously, and we must continue to do so.”
While there have not been any identified incidents of insider information being used or disclosed inappropriately by Wisconsin workers, recent interest in and rapid growth of public use of prediction markets and event contracts, which allow individuals to bet money and wager on a wide range of topics, such as governmental actions, sports, contests and award shows, games, elections, politics, global affairs, pop culture, and more, have been reported as a growing concern across the nation. This includes, for example, recent news that a U.S. special forces soldier involved in the military operation to capture now former Venezuelan President Nicolás Maduro used classified information to win more than $400,000 in an online betting market, according to the U.S. Department of Justice.
Following this recent news, states across the U.S. have taken similar action to ban insider trading, including in Illinois, New York, Maryland, and California. The U.S. Senate also similarly unanimously approved a new rule barring senators from trading on prediction markets.
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