Why We Changed Our Code of Ethics to Address Prediction Markets; ProPublica, June 15, 2026

Diego Sorbara, ProPublica; Why We Changed Our Code of Ethics to Address Prediction Markets

In an era when people can bet on news events, we want readers to know we’re not willing to gamble with their trust.

"What would you think of me, the ProPublica editor responsible for newsroom standards, if I placed a bet on the baseball game I’m currently listening to on the radio? Probably that I’m doing something plenty of others do, and that my wallet will be lighter in a few innings.

What would you think of me if I stood to make a tidy sum based on the outcome of a news event ProPublica has been covering? You’d probably think that’s downright shady, because isn’t the job of a journalist to report the news and not make money off it?

Lest you think I’m an ethically compromised editor, you can rest easy. According to a recent update to ProPublica’s code of ethics, “no employee should wager on the outcome of news events on the prediction markets — regardless of whether or not they are involved in coverage of said event.”

ProPublica has always prohibited employees from profiting off inside information, so you may wonder why we amended our code of ethics to specifically single out prediction markets. We have not encountered any instances of this happening on our staff, but it has become harder and harder to deny the influence and reach of prediction markets beyond sports. In fact, deals between prediction markets and news organizations abound, such as Kalshi with CNN, Fox News and The Associated Press, and Polymarket with Dow Jones. 

But there have also been worrying examples of these markets at play."

Major media outlets, including Hegseth’s former employer Fox News, decline to sign new Pentagon reporting rules; Politico, October 14, 2025

CHEYANNE M. DANIELS , Politico; Major media outlets, including Hegseth’s former employer Fox News, decline to sign new Pentagon reporting rules

"Fox News, which previously employed Secretary of Defense Pete Hegseth, joined most major news organizations on Tuesday in refusing to agree to new rules around reporting at the Pentagon.

The company signed a joint statement with ABC News, CBS News, CNN and NBC News saying the new requirements “would restrict journalists’ ability to keep the nation and the world informed of important national security issues.”

CNN suspends Chris Cuomo ‘indefinitely’ after documents detail help he gave his brother; The Washington Post, November 30, 2021

Sarah Ellison

 and 

Jeremy Barr

 

, The Washington Post;  CNN suspends Chris Cuomo ‘indefinitely’ after documents detail help he gave his brother

"News organizations typically try to maintain clear boundaries between journalists and newsmakers, in an effort to maintain their independence. It’s considered a breach of ethics for a journalist — including those who engage primarily in giving their opinions — to support a source or public official, whether financially or in an advisory role."

White House Waivers May Have Violated Ethics Rules; New York Times, June 1, 2017

Steve Eder and Eric Lipton, New York Times; White House Waivers May Have Violated Ethics Rules

"The Trump administration may have skirted federal ethics rules by retroactively granting a blanket exemption that allows Stephen K. Bannon, the senior White House strategist, to communicate with editors at Breitbart News, where he was recently an executive.

The exemption, made public late Wednesday along with more than a dozen other ethics waivers issued by the White House, allows all White House aides to communicate with news organizations, even if they involve a “former employer or former client.”"