The Indian Gaming Association (IGA) has stepped into the growing fight over sports-based prediction markets, throwing its support behind a bipartisan Senate bill that would shut them down. The move adds fresh pressure on federal regulators and companies offering the products as scrutiny spreads well beyond the initial rollout phase.
Prediction markets are offering sports bets — just with a different name. They are being offered in states where sports betting is illegal, like California, while federal regulators are greenlighting them rather than enforcing the law.My bipartisan legislation with… pic.twitter.com/oNvI2vw9IP
Lawmakers Adam Schiff and John Curtis introduced the measure, called the “Prediction Markets Are Gambling Act.” It would stop federally regulated exchanges from listing contracts tied to sports wagering or casino-style activity. The proposal would update the Commodity Exchange Act to block entities overseen by the Commodity Futures Trading Commission from offering those contracts. The Senate Agriculture Committee is expected to take it up.
IGA tribal leaders frame Senate bill as restoring authority against sports prediction markets
Leaders within the association say the legislation is about restoring balance between federal oversight and long-standing state and tribal control of gambling. IGA Chairman David Bean described the bill as a necessary correction to what he views as a regulatory gap that has allowed prediction markets to expand unchecked.
“It 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,” Bean told ReadWrite.
IGA statement: The Indian Gaming Association welcomes the introduction of the “Prediction Markets Are Gambling Act” @RWW pic.twitter.com/IBKM0rHYiI
— Suswati Basu (@suswatibasu) March 23, 2026Bean also took aim at how regulators have handled the issue so far. “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.”
That places the IGA squarely in the middle of a widening policy clash. Much of the tension is said to center on the CFTC’s handling of event-based contracts. Rules adopted in 2011 bar registered entities from listing contracts tied to activities like terrorism, war, or gaming that may be unlawful under federal or state law. The IGA argues that enforcement shifted in January 2025, when the agency dropped key court appeals, effectively stepping back from its own restrictions.
The group also criticized CFTC Chairman Michael Selig, saying he has “actively fostered online sports gambling through prediction markets.” It pointed to legal filings opposing state and tribal challenges, along with plans to revisit existing rules.
Meanwhile, interest in the issue is growing on Capitol Hill. Lawmakers in both parties have raised concerns that these platforms resemble gambling but lack standard consumer protections. Separate proposals would also prevent federal officials from participating in prediction markets, citing potential conflicts of interest.Despite coming from very different regulatory environments, Schiff and Curtis appear to have found common ground. California maintains a tightly controlled tribal gaming system and bans sports betting, while Utah prohibits all gambling. Even so, both senators are pushing to reinforce local authority.
Featured image: David Bean via LinkedIn
Indian Gaming Association backs bipartisan Senate bill targeting sports prediction markets ReadWrite.
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