IGA condemns federal regulator authorizing nationwide gaming, urges congressional motion — CDC Gaming

The Indian Gaming Association continued its assault on prediction markets Friday by going after the federal regulatory physique that enabled sports activities betting to happen nationwide.

IGA launched a press release condemning the Commodity Futures Trading Commission for enabling the enlargement of what it known as unlawful prediction market betting, warning that federal inaction and unregulated overreach are instantly undermining tribal sovereignty, violating established gaming regulation, and threatening the financial basis of tribal governments.

IGA mentioned that the CFTC’s failure to manage these markets requires rapid motion by Congress.

The warning follows IGA’s nationwide webinar, “The New Normal: On the Road with Chairman David Bean – What Tribes Are Saying Nationwide about Prediction Markets,” the place he and Conference Chairman Victor Rocha detailed what they mentioned is a rising nationwide disaster dealing with tribal gaming and the pressing want for unified motion.

Bean, who has been touring nationwide to fulfill instantly with tribal leaders, regulators, and lawmakers, emphasised the widespread concern throughout Indian nation. “Tribes all around the nation are concerned. They view it as an incredible intrusion upon tribal sovereignty, which we concur at the Indian Gaming Association.”

Prediction markets are at present providing sports activities wagering nationwide beneath federal regulatory cowl, whereas bypassing tribal-state gaming compacts, tribal regulatory authority, and federal Indian gaming regulation, Bean mentioned.

“Tribal sovereignty and state sovereignty are trampled on. That’s the big issue,” Bean mentioned. “When you look at these illegal, online, unregulated sports betting contracts, there are no guardrails. There’s no age verification. There’s no verification of funds. And you don’t really know who’s placing the bet.”

Bean warned that federal regulators are permitting unlawful betting exercise nationwide, together with in jurisdictions the place sports activities betting stays prohibited.

“They’re allowing illegal, unregulated, sports betting contracts to take place in all 50 states, even in states where sports betting is not legal,” Bean mentioned.

Rocha warned that prediction markets characterize one of the severe threats to tribal sovereignty because the institution of tribal gaming. “Prediction markets represent a federal system covering gambling at the expense of tribal and state sovereignty.”

Rocha mentioned that tribal governments should stay unified in confronting this federal overreach. “You never stop fighting. You never back down. All our victories come from the fact that we don’t stop.”

Rocha additionally warned that prediction markets threaten the long-term way forward for tribal financial independence. “This is about taking your future, the same as they took your land, your water, and your resources. Illegal Prediction markets are about taking the future of tribal gaming.”

Bean mentioned, “Our elders fought hard to build Indian gaming, and now we have the responsibility to protect it so that our children and future generations can survive and thrive.”

The Indian Gaming Association mentioned that tribes are actively pursuing coordinated legislative and authorized motion to cease unlawful prediction markets and defend tribal sovereignty.

“We’re going to be pursuing not just a legislative route, but also a litigation route. We see this ending up at the Supreme Court,” Bean mentioned.

Maintaining unity throughout Indian Country stays the very best precedence, Bean mentioned. Tribal leaders will proceed advancing a coordinated nationwide technique in the course of the upcoming Indian Gaming Trade Show and Convention’s tribal leaders assembly, which can function a central discussion board for unified motion.