IGA Chairman offers support for new prediction market legislation

Following the introduction of the Prediction Markets Are Gambling Act, Indian Gaming Association (IGA) Chairman David Bean expressed his support for the bipartisan legislation, also representing the first bill brought to the Senate which seeks to regulate prediction markets. 

California Senator Adam Schiff and Utah Senator John Curtis filed the bill on March 23, hoping to prohibit operators registered under the Commodity Futures Trading Commission (CFTC) from offering any contracts which resemble a sports bet or casino-style game.

Chairman Bean stated the Prediction Markets are Gambling Act will “reaffirm existing Tribal and state government authority to regulate sports betting, limit online gambling or in some cases – continue to prohibit all forms of gambling.

“The bill will also quiet the chaos and federal overreach that the CFTC is fostering. Other than the growing number of court decisions siding with Tribes and states, prediction market platforms have seen no accountability and no oversight, as they disregard clearly established regulations while exposing consumers to unchecked gambling. 

“We look forward to working with leaders in Congress to hold these platforms accountable to protect consumers, sports integrity and Tribal and state sovereignty.”

Schiff and Curtis stated CFTC-registered entities currently provide a “wide range” of sports prediction contracts which are “indistinguishable” from gambling. 

The US Senators also called attention to the trading volume already generated by sports events contracts, including over $100m on the March Madness college basketball tournament and $1bn for Super Bowl LX.

Chairman Bean will address prediction markets and federal threats to Tribal sovereignty at the 2026 IGA Trade Show & Convention in San Diego, California, with plans to outline the Association’s position and a “unified response” from Tribal governments.