CNIGA Responds to Leading Pro-Prediction Market Coalition Conceding on Casino-Style Gaming

Press Release
For Immediate Release

Contact: James May
(916) 754-7540
[email protected]

CNIGA Responds to Leading Pro-Prediction Market Coalition Conceding on Casino-Style Gaming

May 1, 2026

Washington, D.C. -As the public comment period closed on the Commodity Futures Trading Commission's (CFTC) Advanced Notice of Proposed Rulemaking (ANPRM) on prediction markets, the Coalition for Prediction Markets conceded to the CFTC in its April 30 comments that it wants "a formal rule defining 'gaming' to cover the casino-style games traditionally regulated by states." This underscores the arguments California tribes have made for over a year: that there are limits on what can be listed as event contracts.

"On the same day the Senate moved to block members and staff from participating in prediction markets, the Coalition for Prediction Markets acknowledged-for the first time-that there are limits to what constitutes permissible activity under the Commodity Exchange Act. This shift reflects a growing recognition that their position is untenable," said James Siva, Chairman of the California Nations Indian Gaming Association.

"These platforms are reacting to mounting legal and political pressure in an attempt to preserve their ill-gotten sports betting market share. Today's concession only underscores our argument that sports-based event contracts are gaming. If the Commodity Futures Trading Commission is unwilling to act, Congress must step in. Contracts tied to sporting events invest nothing in tribal governments, education, roads or bridges. There is no public interest in lining the pockets of these corporations. The house of cards is starting to fall," Siva concluded.

In its comments, the Coalition for Prediction Markets further states, "[t]here is no price discovery function to casino-style games," added that "[w]agers on casino games have no economic significance apart from the wager itself," and that it "does not support listing contracts on traditional casino games (such as slot machines, roulette, or table games) on prediction market platforms."

These arguments also hold true for sporting event contracts. Upon passage of the statutory provisions that govern swaps in 2010, the Senate made clear its intent to prohibit sports event contracts.

Sen. Blanche Lincoln, chair of the Senate Agriculture Committee at the time, stated, "It would be quite easy to construct an 'event contract' around sporting events such as the Super Bowl, the Kentucky Derby, and Masters Golf Tournament. These types of contracts would not serve any real commercial purpose. Rather, they would be used solely for gambling."

CNIGA agrees that casino-style gaming is plainly within the scope of gaming and within the state and tribal regulatory authorities. This same common-sense principle applies to contracts that function as sports wagering. CNIGA urges the CFTC to draw clear, enforceable lines that prevent all casino games and sports-based event contracts from being used to circumvent existing gaming laws and to protect the integrity of state and tribal regulatory systems.

CNIGA also submitted comments to the Federal Register.

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