The American Gaming Association (AGA) hosted a State of the Industry webinar on February 26 to discuss the industry’s performance during 2025 and the current state of regulatory battles with prediction market operators.
Figures such as AGA President & CEO Bill Miller, VP of Research David Forman, Director of Research Carly Johnson and former New Jersey Governor Chris Christie took part in the webinar. Prior to the webinar beginning on February 26, the AGA also released its FY2025 gaming revenue report, which indicated a 9.2% rise in US gross gaming revenue (GGR) to $78.7bn.
Miller discusses overall state of gaming, ‘aggressive approach’ to prediction markets
While introducing the State of the Industry webinar, Miller highlighted the $53bn tax impact generated by US gaming during 2025, as well as efforts made by the Association such as raising the industry’s slot tax threshold and providing support to all 50 state Attorney Generals.
Miller also described how enhanced relationships with Tribal gaming communities help the entities remain “in lockstep” on prediction market efforts.
Similar to the AGA’s approach towards illegal sweepstakes operators, Miller confirmed the Association will use an "aggressive approach” to ensure prediction markets are regulated in a similar fashion to sports betting.
The AGA President & CEO believes such operators show “blatant disregard” for state regulations and are looking for a “free ride on gaming’s success” rather than undergoing the same scrutiny as fellow gambling expansions.
Declaring “impact and reputation translate to policy wins,” Miller confirmed the AGA’s “unique” power positions the Association to “win the fight against prediction markets.”
The AGA leader concluded his introduction by stating prediction markets “access our markets and bypass our rules,” attempting to “swoop in, extract what they can and never provide value.”
Did the US gaming industry live up to financial expectations during 2025?
Forman and Johnson then took over the webinar to discuss the AGA’s recent 2025 gaming revenue report, which showcased a 13.8% increase in GGR for Q4 2025 to $21.3bn. Traditional gaming accounted for nearly $12.8bn of the total and rose 1.4%, while sports betting generated $5.6bn during the quarterly period and grew 49.2%.
Let us be honest, this is not a commodity, this is a bet on a game
iGaming continued its upwards trend in the US after increasing GGR 22.4% year-over-year to just over $2.9bn for Q4 2025, while Nevada led all states in total GGR for the quarterly period by growing revenue 1.8% to $4.1bn.
Pennsylvania and New Jersey followed the Silver State with Q4 2025 GGR of $2.1bn and $1.9bn, respectively, increasing 14.1% and 17%. New York rounded out the east coast leaders with $1.6bn and increased 17.6%, while Michigan generated the fifth-highest GGR of any US state during Q4 2025 after increasing revenue 25.4% to $1.4bn.
During FY2025, total GGR in the US grew 9.2% to $78.7bn, primarily accounted for by traditional gaming which produced $50.9bn and increased 2.3%. Sports betting and iGaming generated FY2025 revenues of close to $17bn and just over $10.7bn, respectively, equating to growth of 22.8% and 27.6%.
While many worry about declining visitation trends in Nevada, the state’s GGR for FY2025 was more than double Pennsylvania's, which generated $7.7bn and represented the second-highest GGR of any US state. Nevada produced a FY2025 GGR of $15.8bn and grew 1.2%, while the Keystone State’s $7.7bn figure represents growth of 12.3%.
New Jersey and New York formed a strong competition for third place, as the Garden State barely edged out its neighbor by reporting $7bn of GGR and rising 10.1%, while the Empire State increased GGR 10.7% to $5.7bn. Michigan continued its positive momentum throughout 2025 by representing the only other state to eclipse the $5bn GGR mark during FY2025, equating to growth of 20.1% year-over-year.
Christie details prediction market ‘monkey wrench’ in gaming compliance strategy
While speaking with AGA SVP of Government Relations Chris Cylke, Governor Christie said prediction market operators act as “rogue cowboys” in “an industry which took a while to birth.”
“Let’s be honest, this isn’t a commodity, this is a bet on a game,” Christie said.
“These predictive markets are putting a twist on what the (Commodity Futures Trading Commission) CFTC is supposed to be doing. They don’t care about and are not involved in player safety at all.”
Christie brought attention to how prediction markets sell its offering more “as an investment,” which could put vulnerable groups such as teenagers at risk, given event contract operators feature a minimum age requirement of just 18 years old.
The former New Jersey Governor continued: “The CFTC doesn’t have the resources or the personnel to handle this. States have an obligation to protect their consumers.
“Rules are not being applied fairly and that should offend state governments and state Attorney Generals. These predictive markets are throwing a monkey wrench into state regulation that will inevitably hurt consumers.”
Cylke agreed prediction market operators are “blurring the lines” between traditional sports betting and event contract trading, comparing the AGA’s battle with such operators to a “multi-inning fight in baseball.”
Christie said he toured prediction market platforms looking for player safety or responsible gambling tools but found the resources “weren’t there,” and believes operators are “counting on (the AGA) to not fight them.”
“If we don’t act now,” Christie said, “we’re going to regret not acting later.”
The AGA estimated US bettors would wager a record $1.76bn legally on Super Bowl LX in January 2026, reflecting the continued expansion of state- and Tribal-regulated sports betting markets
