According to Semafor, the American Gaming Association, the Indiana Gaming Association, the AFL-CIO Hotel and Gaming Industry Union Council, and UNITE HERE have sent letters to lawmakers urging a ban on sports betting through prediction markets such as Kalshi in cryptocurrency legislation. The organizations stated that prediction markets have driven the largest gambling expansion in U.S. history over the past 18 months. The American Gaming Association claims that states have lost $1 billion in revenue since early 2025 due to prediction markets, a claim disputed by the prediction market operators.
U.S. gambling groups urge lawmakers to ban sports betting on prediction markets in the crypto bill
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U.S. gambling groups have urged a ban on cryptocurrency-based sports betting through prediction markets in upcoming crypto legislation. The American Gaming Association and others argue that platforms like Kalshi have fueled a massive gambling surge, costing states $1 billion in revenue since early 2025. Prediction market operators dispute this claim. The groups are calling on lawmakers to exclude such platforms from crypto legislation.
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