No Polymarket in USA Until Government Shutdown Ends, Newsom to Sign Sweepstakes Casino Ban Bill Into Law

Big news from the world of prediction markets as the owner of the New York Stock Exchange annouced Tuesday a $2 billion investment in Polymarket. 

Polymarket founder Shayne Coplan made the announcement early Tuesday following a few days of speculation.

"We’re proud to announce that Intercontinental Exchange (ICE , the owner of NYSE and the largest exchange company in the world, is making a strategic investment of $2 billion into Polymarket, valuing us at $9 billion post-money.

"Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream. But in addition to that, it’s a monumental step forward for DeFi. ICE is the one remaining founder-led exchange company, and Jeff is all-in on utilizing his assets, including NYSE, to usher in a new financial era of tokenization. We’re humbled to be working together on this endeavor. ICE will also begin distributing Polymarket data to thousands of financial institutions around the world. There is so much to build when you combine the force of ICE’s institutional scale and credibility with Polymarket’s consumer + cultural savvy and distribution."

In an interesting twist, Polymarket will be unable to gain access to the US market until the government shutdown is over. 

From InGame:

"Polymarket will not be able to offer its prediction markets in the U.S. until a government shutdown comes to an end, if past precedent is anything to go by.

"In the past, the Commodity Futures Trading Commission (CFTC) has stayed self-certifications of new markets until the government returns to full activity. The current shutdown began Oct. 1."

California Sweepstakes Casino Ban Coming to Fruition

Pechanga Band of Indians. Editor of http://Pechanga.net, Victor Rocha, confirmed early Tuesday that California Governor Gavin Newsom is set to sign a sweepstakes casino ban bill into law.

"I was told Governor Newsom will sign the sweepstakes bill next week. I wish he would do it tomorrow while I’m at G2E. Just seems apropos," Rocha announced via his Twitter account.

The new law would effectively ban sweepstakes casinos like Chumba from operating in the Golden State.

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