Tribal Casino Leaders Say Prediction Markets Are Affronts to Sovereignty

Tribal casino leaders aren’t bullish on the current state of prediction markets regulation and worry that lax attitudes at the federal level could undermine states’ and tribes’ regulatory authority.

On a conference call with reporters, Indian Gaming Association (IGA) Chairman David Bean and James Siva, the chairman of the California Nations Indian Gaming Association (CNIGA), voiced concerned that regulatory purview and sovereignty pledged to tribal casino operators is at risk amid the rapid expansion of yes/no exchanges.

This issue is as important to us as it should be to everyone in this country, because while this is a direct affront to tribal sovereignty, this is also a direct affront to state sovereignty,” said Siva. “And so this issue bleeds out of just pure gaming and tribal government gaming, as Chairman Bean correctly stated, because we often forget that the government aspect of tribal gaming.”

Siva, who oversees an organization with 57 member tribes, adds that the expansion of prediction markets isn’t just about tribal gaming. He believes it’s an issue that should concern all Americans because federal authorities, in this case the Commodities Futures Trading Commission (CFTC), may mis-, under- or deregulating specific industries.

Siva Says Prediction Markets Are Illegal Sports Betting

Siva has been a consistent critic of prediction markets in part on the basis that those platforms amount to what he believes is illegal sports wagering.

“They can call these prediction markets. They can call them sports event contracts, but it is illegal sports betting with very little oversight because they have no one on their team there (at the CFTC),” said the CNIGA leader on the call.

https://www.casino.org/news/tribal-casino-leaders-say-prediction-markets-are-affronts-to-sovereignty/