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Gary Gensler argues Dodd-Frank did not authorise nationwide sports betting

Regulation

Former CFTC chair Gary Gensler told tribal gaming leaders that Congress did not intend the 2010 Dodd-Frank Act to establish federal oversight of sports betting. In an amicus brief, he challenged the legal basis for the CFTC’s support of prediction markets, arguing that the legislation addressed financial derivatives rather than sports wagering.

Gensler’s argument bears on the dispute over federal and tribal authority to regulate sports-related prediction markets.

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Regulation

Tribal leaders and AGA coordinate opposition to US prediction markets

Reportedly, Tribal leaders and the American Gaming Association described closer coordination against prediction markets at G2E in Las Vegas. California Nations Indian Gaming Association is also organising a coalition ahead of a possible 2028 online sports betting initiative.

At the Las Vegas edition of G2E, the American Gaming Association and tribal leaders voiced a more unified pushback against prediction markets, and they singled out California as a central battleground. A Main Stage panel contended that sports event contracts from firms like Kalshi take revenue away from states and tribes and should not be accepted as legal substitutes for gambling.

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