Since prediction-market litigation ramped up in the second half of 2025, the Nevada casino industry has been among the most strident critics of the new asset class. The longstanding battle escalated this week when a Las Vegas Strip hotel cancelled a prediction market conference scheduled for this fall.
Predict Summit signed a contract on 30 April to hold the Predict 2026 conference at the Aria Meetings & Convention Center. The hotel, which is owned by MGM Resorts, apparently cancelled the event three days later, according to various media reports.
With the venue no longer available, Predict 2026 moved the conference to New York, another state that has filed a wave of litigation against prediction-market operators. Predict Summit has already hosted events in Sin City this year, including one held in April at a non-casino property. Following the cancellation, the organisers claimed the hotel received pressure from Nevada regulators to cancel the conference.
The Nevada Gaming Control Board, in response, disputed the claim, telling CoinDesk that it “did not direct, request, or otherwise pressure any licensee or venue to cancel or decline to host any recent or upcoming event or conference, as has been suggested”.
Predict Summit has moved the conference to Times Square at the Marriott Marquis, a hotel that has served as the headquarters of the NFL Draft and the Heisman Trophy ceremony in the past. The company will hold Predict 2026 at the property in early October.
It is still unclear why the Aria decided to cancel the event. Over the last year, MGM Resorts CEO Bill Hornbuckle has urged state regulators to crack down on prediction-market expansion.
When reached by iGB, an MGM Resorts spokesman declined comment.
Stakeholders gear up for federal hearing on Capitol Hill
The trading of sports-event contracts on prediction markets will likely be a popular topic at next week’s federal hearing on sports integrity.
The hearing will examine the rapid expansion of sports betting and its impact on sports integrity in professional and collegiate athletics. Tennessee Senator Marsha Blackburn, who chairs the Senate Commerce Subcommittee on Consumer Protection, Technology and Data Privacy, will hold the hearing on 20 May at the Dirksen Senate building.
Blackburn, a longtime senator, also appeared at the last federal hearing on sports betting. At that hearing in December 2024, Blackburn discussed the importance of mitigating threats by illegal sportsbook operators at the World Cup and the 2028 Summer Olympics. Both events will be held on US soil.
The closely-watched hearing next week will differ from the previous incarnation mostly because of its focus on prediction markets.
“As traditional online betting platforms and new entrants like prediction markets continue to intersect with sports, we need a clear understanding of how these platforms operate and what they mean for the integrity of the game,” Blackburn wrote in a statement.
The subcommittee lists four speakers on the witness list for the hearing, including Scott Sadin, co-CEO at IC360. The integrity monitor is responsible for uncovering numerous sports betting scandals over the past several years. Two others, Bill Miller of the American Gaming Association and Patrick McHenry, senior advisor for The Coalition for Prediction Markets, are expected to offer differing views on the controversial topic.
In a report issued this week, the AGA cited a 2025 analysis which showed that unregulated gaming devices, offshore sportsbooks and illegal online casinos generate an estimated $53.9 billion in revenue annually. The figure does not include the millions lost in sports wagering tax revenue from sports event contracts, the AGA added.
More updates on the week
– Polymarket, a leading prediction market operator, has not indicated if it plans to attend next week’s hearing. Earlier this week, Polymarket launched a US app for iOS users, ending a six-month waitlist. The news was first reported by InGame. Separately, the operator suffered its first monthly decline in notional trading volume in eight months. For the month of April volume sunk 9% to $10.3 billion, Bloomberg reported.
– In Minnesota, lawmakers in both chambers overwhelmingly passed a measure that seeks to ban prediction market activity statewide. Supporters are backing the bill to instil consumer protections that safeguard children from engaging in the activity. Detractors argue that the state will likely face considerable litigation from the federal government leading to heightened legal costs. The proposal now heads to the desk of Governor Tim Walz.
– The US Commodity Futures Trading Commission has already written several amicus briefs on behalf of respondents facing prediction-market lawsuits by various states. On 12 May, the CFTC submitted a brief to the US Court of Appeals for the Sixth Circuit. According to the brief, the commission asserted its exclusive jurisdiction over the regulation of sports-event contracts in Ohio.
“As I’ve said repeatedly, the agency will not allow overzealous state governments to undermine our longstanding authority over these markets,” CFTC Chairman Michael Selig wrote on his X account. Selig has not indicated if he plans to attend next week’s Congressional hearing.
Matt Rybaltowski
Matt is primarily responsible for long-form feature coverage on complex sports betting scandals. He also provides coverage on finance, M&A and other technological developments.
Original article: https://igamingbusiness.com/prediction-markets/prediction-market-roundup-51526/
