The American Gaming Association now estimates that states have missed out on more than $1 billion in tax revenue due to the rise of prediction markets.
In an appearance on CNBC’s “Squawk Box” detailing the estimate, association president and CEO Bill Miller said that the lost money has consequences for communities due to the taxes states collect on regulated gambling.
“It’s about states and tribes that are losing literally a billion dollars today in state and tribal revenue that would otherwise go to fund important community projects,” he said, referencing the consequences on Native American casinos’ revenues too.
