AGA chief calls prediction markets a generational threat to gaming

Bill Miller, president and CEO of the American Gaming Association, told attendees at the Global Gaming Expo in Las Vegas on Tuesday that prediction market platforms represent an existential threat to the licensed gaming industry, comparing their market entry to bad actors kicking in the back door while the industry knocks at the front.

Miller cited figures from Kalshi's own litigation history against the platform: less than two years ago, Kalshi argued in federal court that sports betting should not be regulated as a derivatives product. Miller told the G2E audience that Kalshi has since handled more than $190 billion in sports wagers and paid nothing in state taxes or licensing fees.

The speech landed at a conference where Polymarket, Kalshi, and Robinhood were the dominant topic despite none of them exhibiting. State gaming regulators and the CFTC remain in direct conflict over jurisdiction, with the commission asserting federal preemption over sports-event contracts that states are treating as unlicensed gambling.