New York Governor Kathy Hochul has signed an executive order prohibiting state employees from engaging in insider trading on prediction markets. The order, effective April 23, bars government officials and public agency members from using non-public information obtained through their duties to profit or avoid losses in prediction markets. This move addresses concerns over "insider betting" as prediction markets expand rapidly.The executive order follows a similar action by Illinois Governor JB Pritzker, who also banned state personnel from using non-public information in prediction market bets. Concurrently, prediction market platform Kalshi has launched investigations into insider trading cases, resulting in fines and trading suspensions. Among those penalized is Mark Moran, a Democratic primary candidate for the Virginia State Senate, who admitted to betting on his own campaign.