Gaming Industry Leaders Condemn Prediction Markets as Existential Threat at Global Gaming Expo
At G2E, AGA’s Bill Miller, IGA leaders and casino CEOs including Tom Reeg and Bill Hornbuckle condemned prediction markets as predatory and unregulated. They cited 15 straight court losses for these platforms and broad state AG support for classifying them as illegal gambling. The unified stance reflects escalating industry opposition ahead of Supreme Court review.
SCCG Take — Regulated operators are signaling zero tolerance for CFTC-backed market entry that bypasses state licensing. This increases legal and reputational risks for prediction platforms and their investors.
Leaders from the American Gaming Association, tribal organizations and major casino companies delivered strong criticism of prediction markets during the Global Gaming Expo at the Venetian Expo in Las Vegas. The event featured repeated descriptions of these platforms as untaxed, unregulated and predatory, with no speakers from the prediction markets sector included to offer balance.
Coalition Frames Dispute as Good Guys Versus Bad Guys
Bill Miller, president and CEO of the American Gaming Association (AGA), called prediction markets “a generational opponent that poses an existential threat” and said the AGA is operating on “wartime footing” against “untaxed, unregulated, predatory organizations” masquerading as investment sites. Miller described the conflict as “good guys” versus “bad guys,” stating that one side contributes $18bn to states and communities, respects state laws and tribal sovereignty, invests billions in responsible gaming, and has spent decades earning community trust.
David Bean, chairman of the Indian Gaming Association (IGA), Jason Giles, IGA executive director, and James Siva, chairman of the California Nations Indian Gaming Association (CNIGA), joined Miller in highlighting a coalition. They cited prediction markets losing 15 consecutive federal court rulings and states prevailing in 40 out of 45 decisions to date. Speakers referenced opinions from the Sixth Circuit and Ninth Circuit, along with the overwhelming majority of state attorneys general agreeing that the Commodity Futures Trading Commission (CFTC) lacks authority. Giles and Miller said momentum is building in courts and public opinion.
Casino CEOs and Nevada Regulator Highlight Oversight Risks
In a CEO Outlook session, Tom Reeg, CEO of Caesars, and Bill Hornbuckle, CEO of MGM Resorts International, criticized the cavalier approach of some prediction market operators. Hornbuckle noted that these platforms allow users as young as 18 to bet across the U.S., including in states like Utah that have not legalized betting. Reeg pointed to event contracts trading on Caesars’ own takeover and said the lack of regulation and oversight is astonishing, adding that the “fig leaf of ‘this is a swap’ is just ludicrous.”
Mike Dreitzer, chairman of the Nevada Gaming Control Board (NGCB), said “the bottom line is that crime and deception are not innovation.” Miller criticized CFTC Chairman Michael Selig as a “nitwit” and “the most dangerous man in gaming,” accused prediction market operators of contorting the Commodity Exchange Act, and stated that the only way to lose is to “take our foot off their throats.” As reported by SBC Americas, the comments come as litigation heads toward a likely Supreme Court case.
Reporting: SBC Americas
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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