Hollywood Bans Staff From Betting on Prediction Markets — SkimNews
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- Hollywood studios have issued internal guidelines banning staff from betting on prediction markets using nonpublic information about casting, release dates, and financial performance, according to The Hollywood Reporter.
- Penske Media, parent company of The Hollywood Reporter, updated its employee handbook to prohibit wagers on award nominations, production timelines, and casting decisions.
- Columbia University law professor Joshua Mitts said blockchain-based prediction markets can make insider betting 'basically impossible' to trace if identities are well hidden through mixers and intermediaries.
- Kalshi and Polymarket, two prediction platforms, are now under scrutiny as studios extend insider trading rules to cover bets on events like James Bond casting and reality show eliminations.
- BetOnline temporarily suspended its market on the next James Bond after a surge of 'sharp money' favored Callum Turner over Jack Lowden, sparking concerns about insider leaks.
- Federal prosecutors have charged a U.S. soldier and a Google engineer with using classified or confidential data to place bets on Polymarket, with both cases still pending.
Why it matters: Entertainment companies now face the same insider trading risks as financial firms, but enforcement is harder on anonymous blockchain platforms. With real penalties already imposed and state laws emerging, the stakes are rising for employees who exploit nonpublic entertainment data for profit.
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