Nevada Casino CEOs Demand Gaming Licenses for Prediction Markets
Casino CEOs Bill Hornbuckle of MGM Resorts and Tom Reeg of Caesars Entertainment have stated that prediction markets should operate only in states where they hold gaming licenses.
This stance aligns with Nevada regulators, who treat prediction market contracts as wagering requiring a state license.
The Ninth Circuit ruled 3-0 on August 28 that federal law does not preempt Nevada's gaming laws regarding contracts offered by Kalshi, Crypto.com, and Robinhood.
Casino executives argue that prediction markets are sportsbooks, whereas operators claim their event contracts are federally regulated financial products backed by the Commodity Futures Trading Commission (CFTC).