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Hastings calls for regulation on online prediction markets skirting Illinois gambling laws
SPRINGFIELD — State Senator Michael E. Hastings is calling for support on legislation aimed at addressing online prediction platforms that allow users to wager money on real world events while avoiding the licensing and oversight required of regulated gambling operators in Illinois.
“These platforms are taking real money and allowing users to bet on outcomes just like a sportsbook,” said Hastings (D-Frankfort).
“If you are operating like a gambling entity, taking wagers and profiting from those bets, then you should be subject to the same rules and consumer protections as every other gambling operator in Illinois.”
Senate Bill 4168 would clarify that platforms offering speculative contracts on future events may fall under Illinois gambling law if they function like betting operations.
Platforms such as Polymarket allow users to speculate on events ranging from elections and sports outcomes to geopolitical conflicts and economic developments. Prediction markets have grown rapidly in recent years, with billions of dollars wagered globally on event outcomes. Polymarket alone processed billions of dollars in trading volume during the 2024 election cycle, with some individual markets attracting tens of millions of dollars in wagers.
Some markets hosted by prediction platforms have also drawn controversy. At one point, users were able to place wagers on whether a nuclear weapon would be detonated anywhere in the world. The market generated hundreds of thousands of dollars in bets before it was ultimately removed following public backlash. Hastings emphasized that allowing speculation on catastrophic scenarios underscores the need for clear oversight.
Illinois casinos and sportsbooks operate under the oversight of the Illinois Gaming Board, which enforces licensing requirements, consumer protections and regulatory compliance. Hastings’ legislation would ensure that prediction platforms could not operate outside those safeguards if they are effectively taking bets from Illinois residents.
“You cannot allow platforms to take wagers on everything from elections to potential global disasters and then claim they are not operating as gambling businesses,” said Hastings. “Illinois has a well-regulated gaming industry where operators follow strict rules. We should not allow unlicensed platforms to profit from our residents while avoiding those same standards.”
Hastings will work to advance this legislation in the coming weeks.
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