Gaming, Tribal and Labor Groups Urge Congress to Block $1 Billion Sports Bets in Crypto Bill
Updated
Updated · Semafor · Jun 16
Gaming, Tribal and Labor Groups Urge Congress to Block $1 Billion Sports Bets in Crypto Bill
3 articles · Updated · Semafor · Jun 16
Summary
A broad coalition of gaming companies, tribes and unions is pressing lawmakers to add language to pending crypto legislation that would bar prediction markets such as Kalshi from offering sports wagers.
In a letter seen by Semafor, the groups said prediction markets have driven the largest expansion of U.S. gambling in the past 18 months without voter approval or legislative authorization.
The coalition urged Congress to use the crypto bill to state clearly that sports betting falls outside the Commodity Futures Trading Commission's remit and cannot be offered on prediction-market platforms.
AGA said last month states have lost $1 billion to prediction markets since the start of 2025, a figure the platforms dispute.