Representatives from 20 Oklahoma tribal nations expressed concern over the growth of prediction markets at a quarterly meeting of the United Indian Nations of Oklahoma, lobbying for the contract issuers to abide by gaming laws.
According to Kosu, Matthew Morgan, Chairman of the Oklahoma Indian Gaming Association, said prediction market platforms like Kalshi could challenge tribal authority over gambling. Kalshi maintains that its products are financial markets, not traditional gambling.
Morgan argued that prediction markets conflict with the rules established in the Indian Gaming Regulatory Act (IGRA), the 1988 federal law that provides the framework for tribal gaming and establishes tribal authority over gaming on their reservations.
