American Gambling Association CEO Sounds Off on CFTC, Prediction Markets
Bill Miller, president and CEO of the American Gaming Association, recently criticized the leadership of the Commodity Futures Trading Commission and prediction markets as a whole.
Speaking at the Park MGM in Las Vegas, Miller highlighted the lack of leadership in the CFTC and the prediction market industry it federally regulates.
Miller said he thinks the state regulators opposed to prediction markets will prevail in their conflicts with them.
CFTC leadership in the crosshairs
One of the key criticisms Miller raised was concerning CFTC leadership.
The CFTC states it has full authority to regulate prediction markets. Miller vehemently disagrees with that assertion and said the exclusive authority of the federal arm has gone too far, which is why so many states are bringing cases against them.
Miller stated, “The head of the CFTC, quite frankly, is a joke. He somehow believes that what he’s doing is Uber, and that the rest of the country is the taxicab industry.
"That’s not the case.”
The views of the states
There are cases in various states seeking to ban or regulate prediction markets. Two states have passed bills to ban prediction markets in 2026, and two more have passed bills that are now with the governors.
States argue that prediction markets and the sports event contracts they offer are no different from regular sports bets.
The states with legal sports betting are regulated by state-run gaming agencies that tax the industry. The states receive tax revenue from sports betting but not from prediction markets, since prediction markets are federally regulated.
Miller reinforced his belief that state regulators and the casino industry, backed by the AGA, will win the conflict over the regulation of prediction markets.
Not enough data
The AGA CEO currently lacks sufficient data on the rapidly growing prediction market industry.
One state that has passed a bill to ban prediction markets is Tennessee. Miller brought up the Volunteer State, saying that, according to reports, sports betting has decreased with the emergence of prediction markets.
Dreitzer chimes in
Mike Dreitzer, the Chairman of the Nevada Gaming Control Board, also spoke at the meeting.
He raised concerns about prediction markets at the national level, warning that they could become unregulated gambling tools. He touched on the integrity issue, which has been a major criticism of event contracts, especially in vulnerable betting markets.
Both Miller and Dreitzer said the legal issues could drag on for a while, but each also noted that, given its importance, they could eventually reach the Supreme Court.
