The American Gaming Association said illegal operators account for 31.9% of the US gambling market, with annual wagers of $673.6 billion. Its analysis estimates $15.3 billion in lost state gaming tax revenue each year and says the illegal market has grown 22% since its 2022 report.
The estimates quantify illegal-market activity and its claimed annual impact on state gaming tax revenue.
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The American Gaming Association estimated that prediction markets have cost US states and tribal governments more than $1 billion in tax revenue, according to its latest report. AGA chief executive Bill Miller said federal oversight of the platforms is inadequate, while state authorities and platform operators dispute whether the products fall under state gaming rules or federal jurisdiction.
American Gaming Association chief executive Bill Miller told a US Senate subcommittee on 20 May that the Commodity Futures Trading Commission should focus on financial markets rather than sports betting. Miller argued that prediction markets present sports betting as financial contracts, while Coalition for Prediction Markets senior adviser Patrick McHenry defended operators’ safeguards and the CFTC’s oversight role.
The American Gaming Association told a US Senate subcommittee that sports prediction markets operate outside state and tribal gaming frameworks. President and CEO Bill Miller said sports-related activity accounts for about 86% of Kalshi’s business and has generated more than $47 billion in trading volume this year; he cited $227,000 in sports-related volume in 2024. Miller urged lawmakers to preserve states’ authority over sports betting.
The American Gaming Association urged Congress at a Senate subcommittee hearing on 20 May to prevent prediction markets from offering sports contracts in the USA. Its president, Bill Miller, argued these products amount to sports betting and bypass state and tribal protections; a representative for the Coalition for Prediction Markets disputed that comparison.
A US Senate Commerce subcommittee held a hearing on the effects of sports wagering on amateur and professional sport, with discussion focusing substantially on prediction markets. Chair Marsha Blackburn and other senators raised concerns about competition integrity and consumer safeguards; American Gaming Association chief executive Bill Miller said prediction markets do not provide protections required of licensed sportsbooks.