{"id":8933,"date":"2025-04-08T04:30:21","date_gmt":"2025-04-08T04:30:21","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2025\/04\/08\/casino-groups-push-back-on-sports-contracts-in-prediction-markets\/"},"modified":"2025-04-08T04:30:21","modified_gmt":"2025-04-08T04:30:21","slug":"casino-groups-push-back-on-sports-contracts-in-prediction-markets","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/04\/08\/casino-groups-push-back-on-sports-contracts-in-prediction-markets\/","title":{"rendered":"Casino Groups Push Back on Sports Contracts in Prediction Markets"},"content":{"rendered":"<div>\n<p>Two major U.S. casino trade groups have raised concerns over sports-related event contracts offered by federally regulated prediction markets. The Nevada Resort Association and the Casino Association of New Jersey submitted letters to the Commodity Futures Trading Commission (CFTC), warning that <strong>these contracts could threaten their local economies and undercut state-regulated gaming<\/strong>.<\/p>\n<h2>Concerns Over Regulation and Local Impact<\/h2>\n<p>The contracts in question allow users to trade outcomes of sports events\u2014like betting on whether Florida wins the NCAA men\u2019s tournament\u2014via platforms such as Kalshi and Crypto.com. Although traditional sports betting is tightly regulated at the state level, these federally regulated event contracts are available nationwide.<\/p>\n<p>Casino groups argue this creates a loophole.<em> \u201cAllowing for sports wagering to happen outside of state regulated channels puts citizens at risk and endangers the critical economic support gaming provides,\u201d<\/em> said Virginia Valentine, head of the Nevada Resort Association. She noted that gaming drives 43% of Nevada\u2019s GDP and employs more than a quarter of the state\u2019s workforce.<\/p>\n<p>New Jersey\u2019s casino industry echoed these concerns.<em> \u201cWe are deeply concerned about the availability of sports events contracts, the economic impact it will have on New Jersey, and the consumer harm that may come to our citizens,\u201d<\/em> wrote Mark Giannantonio, president of the Casino Association of New Jersey.<\/p>\n<h2>States Stress Loss of Control<\/h2>\n<p>New Jersey operators pointed to strict rules they must follow\u2014such as bans on cryptocurrency wagering and betting on in-state college games\u2014while noting that these federally approved markets operate outside those limits.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The state\u2019s casino group also reminded the CFTC of New Jersey\u2019s role in striking down PASPA in 2018, which helped launch the modern era of legal sports betting. Since then, the state has collected over $100 million in tax revenue from sportsbooks and introduced responsible gaming policies required by law.<\/p>\n<p>The CFTC has received similar concerns from more than 20 other organizations, including Native American tribes, commercial operators, and Major League Baseball. While prediction markets started with contracts on politics and economics, their rapid expansion into sports has triggered fresh debate.<\/p>\n<h2>Regulators Act on Prediction Markets<\/h2>\n<p>Prediction markets have surely been on regulators\u2019 radars for a while now. On Monday, Maryland has <a href=\"https:\/\/igaming.org\/sports-news\/maryland-orders-kalshi-robinhood-and-crypto-com-to-stop-prediction-markets\/\">ordered<\/a> Kalshi, Robinhood Derivatives, and Crypto.com to shut down their online sports event prediction markets, joining five other states\u2014New Jersey, <a href=\"https:\/\/igaming.org\/sports-news\/nevada-orders-kalshi-to-cease-operations-over-gaming-violations\/\">Nevada<\/a>, <a href=\"https:\/\/igaming.org\/sports-news\/ohio-targets-prediction-markets-orders-operators-to-halt-sports-event-contracts\/\">Ohio<\/a>, <a href=\"https:\/\/igaming.org\/sports-news\/kalshi-ordered-to-halt-sports-wagering-in-illinois\/\">Illinois<\/a>, and Montana\u2014that have already issued similar warnings to at least one of the firms.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/casino-groups-push-back-on-sports-contracts-in-prediction-markets\/\">Casino Groups Push Back on Sports Contracts in Prediction Markets<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Two major U.S. casino trade groups have raised concerns over sports-related event contracts offered by federally regulated prediction markets. The Nevada Resort Association and the Casino Association of New Jersey submitted letters to the Commodity Futures Trading Commission (CFTC), warning that these contracts could threaten their local economies and undercut state-regulated gaming. Concerns Over Regulation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-8933","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=8933"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8933\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=8933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=8933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=8933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}