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AGA warns US senators prediction markets threaten regulated gaming

Regulation

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 AGA’s testimony highlights a dispute over whether sports prediction markets should fall under state and tribal gaming frameworks.

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Regulation

AGA urges Congress to restrict sports event contracts on prediction markets

The American Gaming Association urged Congress to classify sports event contracts as gambling and bar CFTC-registered platforms from listing them through self-certification. Testifying before a Senate Agriculture subcommittee, AGA senior vice-president Christopher Cylke said platforms including Kalshi and Polymarket operate outside state and tribal gambling systems. The association estimated that states and tribes had lost more than $1.2 billion in gaming tax revenue since sports contracts began.

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