(The Center Square) – On the same day Pew Center Research said combined global trading volume for Kalshi and Polymarket had risen 380% in eight months, North Carolina’s governor by executive order banned state employees from participating using information gained by their work.
The North Carolina State Ethics Act is already in the general statutes, prohibiting “public servants from using or disclosing nonpublic information gained through their official responsibilities toward their own personal financial interest,” first-term Democratic Gov. Josh Stein’s office said. His 37th executive directive serves to extend that law.
“When people use nonpublic information gained at work to get an unfair advantage, it erodes public trust,” said Stein. “This executive order guarantees that our state government will lead with integrity.”
Pew’s research said prediction markets, of which Kalshi and Polymarket have emerged as industry leaders, rose from less than $5 billion in September to about $24 billion in April. Stein’s office said the prediction market – overall – was estimated at $63.5 billion in volume for calendar year 2025, up 300% from 2024.
Polymarket was founded and launched in 2020 as a decentralized crypto-based platform. Kalshi has a 2018 origination, though going public was in 2021 with approval by the Commodity Futures Trading Commission.
In a measure of context, legal sportsbooks in America averaged $14 billion a month in 2025, Pew said. Analysis by The Center Square confirms North Carolina legal sports wagering, launched for the final 21 days of March 2024, has been a $368,000 a day windfall for state coffers in its 781 days through April 30.
Four specifics are in the executive order from Stein. They include, his release says:
• “Using the nonpublic information, they gain at work to participate in prediction markets for their personal financial benefit, or to assist someone else in their participation in prediction markets.
• “Letting their bets influence their job responsibilities.
• “Participating in prediction market transactions substantially related to their work or responsibilities, or transactions directly related to the work of their employing agency.
• “Using state resources to participate in prediction markets.”
State Ethics Commission, law enforcement and departmental discipline are possible for violations.
