50+ Gaming Associations Urge Senate to Bar Sports Betting From Prediction Markets, Citing $1B in Lost Tax Revenue

According to the coalition's letter submitted on June 16, more than 50 gaming associations, tribal governments and labor unions urged the U.S. Senate to amend the CLARITY Act to bar sports and casino-style event contracts from prediction-market platforms. The coalition contends prediction markets have driven the largest gambling expansion in U.S. history over the past 18 months, claiming states have lost roughly $1 billion in tax revenue, a figure operators dispute.

Signatories include the American Gaming Association, the Indian Gaming Association and UNITE HERE, which represents approximately 300,000 hotel, gaming and food-service workers across North America. The coalition argues the Commodity Futures Trading Commission lacks the authority to regulate nationwide sports betting and that such oversight should remain under existing state and tribal systems.