Gaming and Labor Unions Urge Regulation on Prediction Markets in Crypto Bill

The gaming industry and labor unions are teaming up to push lawmakers for regulation on prediction markets in a pending cryptocurrency bill.

A letter viewed by Semafor shows that organizations like the American Gaming Association, Indian Gaming Association, AFL-CIO's Hotel and Gaming Trades Council, and UNITE HERE are united in their concern that prediction markets have led to an expansion of gambling without voter approval or legislative authorization.

The groups estimate states have lost $1 billion since the start of 2025 due to prediction markets, a claim contested by AGA. They argue sports betting falls outside the CFTC's remit and should not be offered through platforms like Kalshi.