A federal judge has preliminarily ruled that, for the sports contracts at issue, federal law likely overrides Illinois’s demand that prediction market exchanges obtain a state license. This is the right outcome, because a market spanning the country should not have to answer to a patchwork of state rules.

If assets are under threat even in the UK, it’s time to wind down America’s global presence.

Congress cannot tax its way around the need to confront the program’s growing benefit obligations.