The Nevada Council on Problem Gambling and the Dr. Robert Hunter International Problem Gambling Center filed briefs supporting Nevada regulators in a Ninth Circuit case over prediction platforms. The groups argue the platforms should face state gambling safeguards; a hearing is scheduled for 16 April.
The case could determine whether prediction platforms must follow Nevada’s licensing and consumer-protection requirements.
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It was reported that BetMGM is retreating from states without iGaming as prediction markets affect its business. CEO Adam Greenblatt said the company continues to focus on higher-value, higher-staking players.
Commercial casinos, Native American tribes, organised labour and lawmakers joined opposition to prediction markets at G2E. The report described a shared industry stance against these markets.
Commercial casinos, Native American tribes, organised labour and lawmakers presented a shared position against prediction markets at the Global Gaming Expo in Las Vegas, according to a report. The American Gaming Association is operating on what its chief executive described as a war-time footing against the markets, and the conference featured consecutive main-stage sessions on the sector.
The American Gaming Association, Indian Gaming Association and other industry representatives urged the US Senate to amend the Digital Market Clarity Act to prohibit sports-related prediction market contracts. In a letter, the groups argued that these products bypass state and tribal gambling laws and raised concerns about consumer safeguards and the CFTC’s oversight role.
The National Pork Producers Council and more than 20 agricultural groups asked the CFTC to review prediction contracts linked to commodity prices. They raised concerns about price discovery, hedging, market volatility and settlement disputes, and said the contracts lack safeguards such as federally mandated position limits and volatility controls.
Representatives of tribal organisations at the United Indian Nations of Oklahoma’s March meeting in Tulsa said prediction markets threaten tribal sovereignty and the regulated gaming framework. Participants backed proposals to restrict event contracts, including measures introduced by Representatives Gabe Vasquez, Blake Moore and Salud Carbajal.