IGA backs bipartisan Senate bill targeting sports prediction markets

"The legislation is about restoring balance between federal oversight and long-standing state and tribal control of gambling. It will reaffirm existing tribal and state government authority to regulate sports betting, limit online gambling, or in some cases - continue to prohibit all forms of gambling."

"The bill will also quiet the chaos and federal overreach that the CFTC is fostering. Other than the growing number of court decisions siding with tribes and states, the current regulatory environment has allowed prediction markets to expand unchecked."

The Indian Gaming Association is advocating for a bipartisan Senate bill aimed at banning sports-based prediction markets, which are currently operating in states where sports betting is illegal. The proposed legislation, known as the 'Prediction Markets Are Gambling Act,' seeks to amend the Commodity Exchange Act to prevent federally regulated exchanges from offering contracts related to sports wagering. IGA leaders argue that the bill is essential for restoring federal and tribal authority over gambling regulations and addressing perceived regulatory gaps.

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