US Gaming Associations Urge Senate to Ban Sports Prediction Markets Under GENIUS Act
The American Gaming Association, Indian Gaming Association, and Association of Gaming Equipment Manufacturers have called on the U.S. Senate to ban prediction markets linked to sports and gambling as part of the GENIUS Act, arguing they circumvent state laws and consumer protections.
Three major U.S. gaming associations — the American Gaming Association (AGA), Indian Gaming Association (IGA), and Association of Gaming Equipment Manufacturers (AGEM) — have urged the Senate to prohibit prediction markets related to sports and gambling within the proposed GENIUS Act.
The organizations argue that such platforms illegally expand the gambling market without voter or state approval. In their letter, the associations claimed that these platforms disguise betting as financial products, thereby bypassing local laws, taxes, and consumer protection regulations.
The GENIUS Act is a bill aimed at regulating digital assets and related markets, but the gaming groups want it to specifically bar sports- and gambling-related prediction markets.
Source: ForkLog