Economic Club of Las Vegas: Why everyone should worry about prediction markets

Hosted by the Economic Club of Las Vegas, American Gaming Association (AGA) President & CEO Bill Miller and Nevada Gaming Control Board (NGCB) Chairman Mike Dreitzer spoke during The Insider’s View on Las Vegas and Gaming in 2026 panel on May 5.  

Described as a “day-night doubleheader” by Dreitzer, both he and Miller spent the afternoon and evening discussing issues centered around prediction markets, Las Vegas’ recent gaming results and future industry concerns which “keep both up at night.” 

How Nevada was forced to play catch-up with innovation 

As part of his opening remarks for the panel, Dreitzer claimed the Silver State had “fallen behind” with innovation and technology, as many products ended up in “no man’s land,” or “white paper land” as the NGCB Chairman prefers to describe it.  

Dreitzer said many of Nevada’s previous regulations had fallen out of date, even finding himself having discussions over rules which “didn’t fit anymore.” While keeping in mind to never “sacrifice security for the player,” Dreitzer’s goal remains to “offer an environment where licensees can thrive.” 

Claiming Las Vegas is “alive and well,” the Chairman went on to highlight recent gaming results from March 2026, which featured an 11.8% increase in total revenue to $1.4bn. The Las Vegas Strip managed to grow revenue by 14.4% to $780m, while Sin City’s Downtown area recorded $103.1m and grew 20.8%.  

Despite the improved results, Dreitzer still believes Nevada “can’t take its foot off the gas” and must have “the best gaming experience in the world” with new competition stemming from all over the globe.  

“Never ever ever bet against Las Vegas. Never bet against the state of Nevada,” Dreitzer warned to conclude his opening remarks.  

Prediction markets remain as regulation ‘assault’ 

When asked how the AGA continues to fight back against the efforts of prediction market operators, Miller confirmed the Association “pays a lot of good lawyers a lot of money” to “make their lives very, very difficult.” 

Miller also blamed recent “softness” witnessed across the US’ sports betting industry on prediction markets, and even went on to describe Commodity Futures Trading Commission (CFTC) Chairman Michael Selig as a “joke.” 

“He believes what he’s doing is Uber and the rest of the country is a taxi cab service. He’s a cheerleader for prediction markets and facilitating this surge,” Miller said.  

“But they had their time. They had their early days. They spent all of their money buying their legitimacy. Ultimately, this thing gets netted out in the Supreme Court. There are multiple ends to this, but almost all of the ends result in us winning.” 

While Dreitzer was unable to confirm a timeline on when prediction markets could be regulated on a state-by-state level, he did suggest that “every day that goes by is too many days.” 

“The law is the law,” Dreitzer said, “You can make whatever word salad you want, but it's gambling. This is an insult and an assault on what we do. 

“I got to bed knowing anyone who takes money out of their pocket and bets on one of our licensees is getting a fair deal. The causal prediction market bettor is not getting a fair shake.” 

A ‘three-act’ prediction markets production 

Along with his concerns over player safety in prediction markets, Dreitzer described the offering as a “three-act play,” and one which finds itself regulating through social media rather than with effective authority.  

Dreitzer claimed: “Act one is ‘we’re going to allow sports predictions.’ Event contract trading, who will win the World Series. Act two is a five-reel slot powered by predictions and launching online casinos against the will of the states that don’t want it. Act three is physical games. Where you’ll have predictions casinos sitting in Hawaii, Texas, Las Vegas, everywhere. 

“Prediction markets are aging me quicker than Covid. The encroachment here is unacceptable. Everyone in this room and everyone in the world should be worried.” 

Dreitzer also shared how he feels prediction markets undergo “regulation by tweet,” where “today we’re going to worry about kids. Tomorrow we’re going to worry about mention markets, then insider trading.” 

Miller backed the Chairman’s claim by reinforcing that states “take it quite seriously when the federal government tries to take their regulatory oversight.” 

“We remember this is supposed to be entertainment. This is not a way to make a living. They are being quite cavalier over whether this is a form of financial hedging against economic uncertainty in the US,” Miller cautioned.  

“As we’re facing what has become an existential threat with prediction markets, it’s been a tough slog. But we’re both confident we’re going to come out on top."

Which potential industry concerns are most crucial to Dreitzer, Miller?

Dating back to the struggles of Covid-19, Miller shared concerns over whether states could possibly turn to iGaming to counteract a future economic recession, and if regulators would undergo the required processes before launching online play.  

The AGA President & CEO spoke on how “the tension around how states are going to balance their budgets without coming to us” keeps him up at night, as well as the undying need for continued gaming innovation.  

“If we don’t think about innovation, we know we’re going to lose the customer to the black market,” Miller said.  

“It’s about creating the right balance to ensure we’re where the customer wants to be, while also remembering what’s best for the operator and our industry as a whole.” 

For what keeps Dreitzer laying awake, the Chairman focused more on cybersecurity in Nevada and the “need to do a better job of sharing information to understand threat actors.” 

Also referencing the recent heightened anti-money laundering (AML) measures implemented by the NGCB, Dreitzer claimed AML is “an area that has received an appropriate amount of attention” from Nevada regulators. 

Where does this leave gaming regulation and prediction markets? 

Ultimately, talking about how Dreitzer and Miller feel confident in eventually winning the prediction markets battle only goes so far, although Nevada has routinely stood out as the prime example of regulatory victory. Ongoing fights in states such as New Jersey have failed to garner similar results for regulators, showcasing why Dreitzer is unable to estimate when the finish line will eventually be reached.  

Even FanDuel has overhauled its leadership as a – at the very least indirect – consequence of prediction market’s influence in today’s sector. 

With events such as the NHL and NBA Playoffs, the 2026 FIFA World Cup and the NFL regular season still on the horizon, prediction market operators don’t appear willing to slow its growth anytime soon. Figures such as Dreitzer and Miller can convene to discuss the fight against prediction markets by all means, but as the AGA President & CEO said, it will eventually have to reach the Supreme Court before any conclusion is met.  

The May 5 meeting in Las Vegas serves as a necessary reminder of how regulators can collaborate with one another to protect gaming from threats like prediction markets, and the scarcity in which it seems to happen on a state-by-state basis. The success Nevada has garnered against prediction markets should be a path followed by every state across the US, or else operators will only continue dominating the country’s sports betting market.  

As seen with Super Bowl LX in February, prediction markets have found ways to outduel typical sports betting operators which have dominated the scene for many years. If regulators want to take a notable lead in this fight, the time for talk may have to come to an end in lieu of stronger enforcement action.