The Indian Gaming Association continued its assault on prediction markets Friday by going after the federal regulatory body that enabled sports betting to take place nationwide.
IGA released a statement condemning the Commodity Futures Trading Commission for enabling the expansion of what it called illegal prediction market betting, warning that federal inaction and unregulated overreach are directly undermining tribal sovereignty, violating established gaming law, and threatening the economic foundation of tribal governments.
IGA said that the CFTC’s failure to regulate these markets requires immediate action by Congress.
The warning follows IGA’s national webinar, “The New Normal: On the Road with Chairman David Bean – What Tribes Are Saying Nationwide about Prediction Markets,” where he and Conference Chairman Victor Rocha detailed what they said is a growing national crisis facing tribal gaming and the urgent need for unified action.
Bean, who has been traveling nationwide to meet directly with tribal leaders, regulators, and lawmakers, emphasized the widespread concern across Indian country. “Tribes all around the nation are concerned. They view it as an incredible intrusion upon tribal sovereignty, which we concur at the Indian Gaming Association.”
Prediction markets are currently offering sports wagering nationwide under federal regulatory cover, while bypassing tribal-state gaming compacts, tribal regulatory authority, and federal Indian gaming law, Bean said.
“Tribal sovereignty and state sovereignty are trampled on. That’s the big issue,” Bean said. “When you look at these illegal, online, unregulated sports betting contracts, there are no guardrails. There’s no age verification. There’s no verification of funds. And you don’t really know who’s placing the bet.”
Bean warned that federal regulators are allowing illegal betting activity nationwide, including in jurisdictions where sports betting remains prohibited.
“They’re allowing illegal, unregulated, sports betting contracts to take place in all 50 states, even in states where sports betting is not legal,” Bean said.
Rocha warned that prediction markets represent one of the most serious threats to tribal sovereignty since the establishment of tribal gaming. “Prediction markets represent a federal system covering gambling at the expense of tribal and state sovereignty.”
Rocha said that tribal governments must remain unified in confronting this federal overreach. “You never stop fighting. You never back down. All our victories come from the fact that we don’t stop.”
Rocha also warned that prediction markets threaten the long-term future of tribal economic independence. “This is about taking your future, the same as they took your land, your water, and your resources. Illegal Prediction markets are about taking the future of tribal gaming.”
Bean said, “Our elders fought hard to build Indian gaming, and now we have the responsibility to protect it so that our children and future generations can survive and thrive.”
The Indian Gaming Association said that tribes are actively pursuing coordinated legislative and legal action to stop illegal prediction markets and defend tribal sovereignty.
“We’re going to be pursuing not just a legislative route, but also a litigation route. We see this ending up at the Supreme Court,” Bean said.
Maintaining unity across Indian Country remains the highest priority, Bean said. Tribal leaders will continue advancing a coordinated national strategy during the upcoming Indian Gaming Trade Show and Convention’s tribal leaders meeting, which will serve as a central forum for unified action.
