A coalition of US casino operators, tribal gaming organizations and labor unions has urged the Senate to prevent prediction markets from offering sports-related contracts through upcoming cryptocurrency legislation.
Coalition of US Casino Operators, Tribal Gaming Organizations and Labor Unions Urges Senate Not to Allow Prediction Market Platforms to Provide Sports-Related Contracts on Account of Pending Cryptocurrency Legislation
An organization comprised of casino operators, tribal gaming organizations and labor unions recently submitted a letter to the Senate urging them to pass legislation prohibiting any prediction market platforms from offering any sports related contracts via cryptocurrencies or other forms of payment until after traditional sports betting operators have completed the licensing process.
According to representatives of the organizations represented by the coalition, the recent growth of prediction market platforms such as Kalshi has created the largest single expansion in the history of legal gambling in the US over the last 18 months.
They argue that these platforms have done so without having the same level of licensing, regulatory oversight, or approval from state voters that has been established for traditional sports betting operators.