Congress 'knows prediction markets violate rules, but won't act'

"There's genuine concern. While this is a new topic, it is a complex topic... and tribes all around the nation are concerned. They recognize it's a problem. And one-on-one in their office, in a safe space, they're going to tell you it's a problem, but that's where it ends. They're not going to take any action beyond that."

"Bean described the rise of sports-related event contracts offered through federally regulated prediction platforms as a direct hit to tribal authority. In his view, the products sidestep the carefully negotiated framework that has governed Indian gaming for decades, slipping through gaps in federal oversight while avoiding the state and tribal compacts that define the industry."

"Folks are just in awe, they're in shock that this prediction, this illegal online unregulated prediction market sports betting, is able to grow so fast. Many tribal leaders are still trying to grasp how quickly the market has moved."

Tribal gaming leaders are increasingly concerned about prediction markets expanding into sports wagering and political betting, viewing these platforms as threats to tribal gaming authority. The Indian Gaming Association's chairman reports that prediction markets operate through federally regulated platforms offering event contracts that bypass the state and tribal compacts governing Indian gaming for decades. While congressional members privately acknowledge the legal problems posed by these unregulated prediction markets, they remain reluctant to take action without broader political support. Tribal leaders express frustration that prediction markets have grown rapidly while operating in regulatory gaps, and they seek congressional intervention to protect tribal gaming interests and maintain established frameworks.

Read at ReadWrite