Any review of 2025 in the gaming industry is bound to be incomplete.
There were big stories – the rise of prediction markets, the waning of sweepstakes, the split between the American Gaming Association and DraftKings and Kalshi. There were too many sports betting scandals to mention. The loss of Indian Gaming Association Chairman Ernie Stevens Jr. sent shock waves through tribal gaming.
And there were hundreds, if not thousands, of smaller stories that were important to those affected.
I’ve chosen five moments, admittedly all personal, that have stayed with me throughout the year. I’ve also asked my CDC Gaming colleagues to weigh in on what struck them as important in 2025.
Rege Behe’s five memorable stories from 2025
Sara Slane joins Kalshi
Slane, a respected figure in the gaming industry, joined the prediction market company as head of corporate development in April. Slane, who formerly worked for the American Gaming Association, is a savvy and intelligent figure. By joining Kalshi, she indicated the company is a serious player.
The Indian Gaming Association conference panel “Emerging Trends in Interactive Wagering: Opportunities or Threats”
A robust discussion in April hosted by the IGA’s Victor Rocha, with panelists including Howard Glaser, Light & Wonder’s Head of Government Affair; Steven Bodmer, Pechanga Band of Indians General Counsel; Tres York, American Gaming Association’s Vice President, Government Relations, and Stephen Hart, Partner, Womble Bond Dickinson. It was the first discussion of sweepstakes and prediction markets I attended, but not the last.
The SBC Americas panel “Trading on the Future: Prediction Markets Are Here to Stay”
In May, no one expected this brilliant discussion of prediction markets to produce fireworks and entertainment. Attorney Daniel Wallach and Alex Kane, CEO of Sporttrade, traded jabs like Muhammed Ali and Joe Frazier. My favorite panel of 2025.
Kendall Toole and Meghan Speranzo discuss mental health at G2E
Toole, a fitness instructor, mental health advocate and the founder of the NKO Club told a crowded auditorium at the Venetian Expo in Las Vegas that she’d “been through very difficult mental chapters at 11 with OCD. And I was close to taking my own life my senior year of college.” What followed was a frank and honest discussion with Speranzo, Global Gaming Women’s Sip & Social Chair, on the importance of addressing mental health.
CDC Gaming’s Day Zero Party
The October gathering, the day before G2E began, was ostensibly to award “10 Women Rising in Gaming,” honors. But the event, sponsored by Global Gaming Women and CDC Gaming, also became a celebration of the gaming industry in general, notably all the women who have made singular contributions. The venue, Alle on 66 at Resorts World Las Vegas, is breathtaking, truly one of the city’s gems.
CDC Gaming contributors memorable 2025 stories:
David McKee
A late entrant into the New York City casino derby, Bally’s New York has had a wild ride. It has gone from extreme-long-shot status to the verge of a casino license. The $4 billion project has yet to find a financier but is on the verge of state approval. That is in large part because not one Manhattan-based project survived the Community Advisory Committee process. In even larger part, the last-minute retreat of MGM Empire City pushed Bally’s to the front of the queue.
Bally’s could be one of only two megaresort projects to achieve final consideration. Resorts World New York City was rumored to be faltering on its tax and license-fee commitments. Hard Rock-powered Metropolitan Park came within a temporary restraining order of missing the brass ring. Compared to those thoroughbreds, Bally’s is shallow-pocketed and carries an overweight jockey in the form of a $115 million obligation to Donald Trump.
Company Chairman Soo Kim has struggled to fund the proposal, Bally’s Chicago and Bally’s Las Vegas. He’s also trying to absorb Australia’s Star Entertainment. Gaming & Leisure Properties.
Kelly Koffler
One of the biggest stories in 2025 was the wave of crackdowns on sweepstakes casinos. I’ve followed these sites for years, and seeing states like California, New Jersey, and Montana move to ban or restrict the “dual-currency” model really felt like a turning point. Overnight, players had to check whether their favorite platforms were still legal, and many YouTube creators who were highlighting these platforms found themselves in a bit of a predicament. It will be interesting to see how this story unfolds moving forward – will legislation find a way for these platforms to exist in a regulated market, or will they be shown their way out the door in the U.S. altogether?
Buddy Frank
I believe Artificial Intelligence was the most impactful development.
AI has proven to be an exceptional tool for areas like slot analysis and content creation. My strong belief is that proactive adoption and wise utilization of this technology are crucial. Ignoring its potential or failing to adapt could significantly disadvantage those in our field.
Buck Wargo
The most important stories I have done or come across this year are Las Vegas tourism taking a hit; prediction markets impact on tribal and commercial gaming industry; and four major properties getting fined tens of millions of dollars by Nevada Gaming Commission.
Scott Messinger, Complete Media Group (CDC Gaming’s parent company) Chief of Staff
Few topics nowadays elicit such strong views on both sides of the debate as the legalization of casino gaming (Integrated Resorts). Not so remarkably to veteran observers the pluses center on economic diversification and growth, bringing additional tourism, jobs, and more. The other side are the usual deadly sins of crime, prostitution, substance abuse and not gaming responsibly.
The policy debate surrounding Thailand’s renewed flirtation with IRs called “Entertainment Complexes”, elicited attention, excitement and optimism centered on prospects of a highly attractive market and the speed of which prognosticators said it could happen when the Cabinet approved the Draft Entertainment Complex Act, signaling a bold vision to transform Thailand into a regional gaming hub. The proposal promised world-class resorts in Bangkok, Phuket, Chiang Mai, and Chonburi, projecting billions in tax revenue and a 5–10% boost in foreign arrivals. Global operators such as Melco, MGM, and Galaxy Entertainment announced their interest, eager to tap what analysts called Asia’s most promising untapped market.
Yet, within months, the balloon popped. Mounting public opposition—rooted in cultural and social concerns—combined with political turmoil derailed the draft bill. The suspension and eventual removal of Prime Minister Paetongtarn Shinawatra in July caused coalition fractures, while her successor, Anutin Charnvirakul, declared gambling off the national agenda, insisting Thailand would “wait for another prime minister” before revisiting casinos. By September, the Senate delivered the final blow, killed the bill outright and calling for any future legalization to require a national referendum, citing risks of addiction, corruption, and erosion of cultural values.
For the IR industry the collapse signaled that Entertainment Complex liberalization may remain out of reach for another generation despite the evidence of the gold standard of Singapore nearly twenty years earlier.
