American Gaming Association CEO Bill Miller spoke like a general preparing his army for battle last week at the Global Gaming Expo in Las Vegas, warning of the danger that increasingly popular services skirting gaming laws pose for the industry and its patrons.
Miller’s hostility largely focused on prediction markets, where people can buy a contract that settles like a wager, depending on the event’s result. Similar to the stock market, the value of each contract rises and falls based on buying and selling patterns.
If someone buys “yes” on whether it will rain on a certain day at 60 cents, they make a 40-cent profit per contract owned if they’re correct. Prediction markets, which have users trade with one another, also purport to measure public opinion through their contracts’ current prices.
Most threatening to those in attendance at this year’s expo has been prediction markets’ move into sports. When the Raiders play the Titans today, Americans can — regardless of their state’s laws — put money on which team will win as well as the total score and margin of victory in the prediction market.
And that competes directly with legalized sports wagering.
“The AGA and our members are mobilizing across every battlefield,” Miller said. “They’re threatening the communities we serve, the customers and consumers we protect and the standards we uphold.”
The topic of prediction markets crept into panels at this year’s G2E as the industry stares down ongoing legal battles to regulate the growing sector. While the AGA heavily opposes predictive markets, there was lingering interest throughout the conference in how the product and its popularity could legally come under gaming’s wing.
Miller said “illegal operators” want to “blur the lines” by calling games of chance by another name, whether those be sporting event contracts, skill games or sweepstakes. All, in his view, are just gambling.
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