IGA wraps up 2025 with continued opposition to sports prediction markets
Summary
The Indian Gaming Association (IGA) closed out 2025 with a final New Normal webinar focused on the growing threat of prediction-market sports betting. Panelists included Amanda Fischer of Better Markets and tribal gaming attorney Scott Crowell, with discussion led by IGA leaders Victor Rocha and Jason Giles. The webinar examined legal and regulatory gaps around prediction markets run by firms such as Kalshi, Polymarket and Crypto.com, the CFTC’s contested role, and the potential consequences for tribal gaming rights, state authority and compact integrity.
Speakers argued prediction markets are being framed as financial products to sidestep gambling laws via the CFTC’s self-certification process. They warned venture capital and crypto money are driving rapid expansion into sports — and possibly broader casino-style products — while federal oversight remains unclear or ineffective.
Key Points
- IGA held a year-end webinar highlighting prediction markets as a key regulatory threat for 2026.
- Panelists, including Amanda Fischer (Better Markets) and Scott Crowell, criticised the CFTC for failing to provide clear oversight.
- Operators claim legality through CFTC self-certification; regulators and tribes view the activity as unlawful gambling.
- Concerns include consumer protection gaps, lost state tax revenue, threats to tribal compacts and potential market manipulation.
- Speakers likened prediction-market tactics to crypto’s playbook: regulatory arbitrage, heavy lobbying and rapid deployment before enforcement.
- There is growing media attention and congressional influence from well-funded industry backers, complicating policy responses.
- Legal battles are currently mostly state-versus-operator; some states are considering litigation against the CFTC for inaction.
- Panelists warned operators may expand beyond sports into other gaming products, potentially displacing regulated markets.
Context and relevance
This issue sits at the intersection of finance, gaming law and tribal sovereignty. The rise of prediction markets backed by venture capital and crypto funds creates a regulatory grey area that affects tax revenues, consumer protections and established tribal-state compacts. With the CFTC’s jurisdiction and enforcement questioned, states and tribes may face protracted court battles and political lobbying in 2026. For anyone tracking gaming regulation, tribal rights, or the ripple effects of crypto-era regulatory arbitrage, this is a developing story with material legal and economic implications.
Why should I read this?
Short version: if you care about tribal gaming, state taxes or the integrity of regulated gambling, this is important. The industry is quietly trying to rebrand gambling as a financial product and the usual regulator (the CFTC) isn’t stepping up — so tribes, states and courts are left to pick up the pieces. It’s a big deal for policy makers and operators alike, and it’ll shape next year’s legal fights.
Source
Source: IGA wraps up 2025 with continued opposition to sports prediction markets
