Indian Gaming Association calls for congressional action on prediction markets

Chairman David Bean says sports betting through prediction markets violates tribal, federal, and state laws.

US.- The Indian Gaming Association (IGA) has called for urgent Congressional action “to address illegal sports betting conducted through so-called prediction markets.” It says sports betting conducted through prediction markets violates tribal, federal and state laws, including the Indian Gaming Regulatory Act.

In a statement, David Z. Bean, chairman of IGA, said: “Sports betting that is being conducted through prediction markets violates tribal, federal, and state laws – including the Indian Gaming Regulatory Act, which expressly provides tribal governments with exclusive authority to regulate gaming on Indian lands in partnership with states and the NIGC.

“The Commodity Exchange Act and the CFTC offer none of these protections. It is no coincidence that the prediction market corporations selected the smallest and weakest financial regulatory agency to push out their self-certified, self-regulated online gambling platforms.”

While prediction markets have offered sports betting for around 11 months, Bean noted that the CFTC has not yet made a determination on whether the contracts involve a prohibited activity. He suggested that the platforms “are counting on continued inaction”.

He said: “We demand that the CFTC do its job, and short of that, we urge Congress to act by amending the CEA to reinforce the existing prohibition against gaming. Tribes have fought for too long and worked too hard to build and preserve the integrity of our industry and the resources that enable tribal governments to provide for their communities.”

https://focusgn.com/indian-gaming-association-calls-for-congressional-action-on-prediction-markets