The American Gaming Association issued a stark warning about sports prediction markets to federal lawmakers this week, labeling them as backdoor betting operations that pose a direct threat to the established regulated gaming industry. Testifying before a U.S. Senate commerce subcommittee, AGA President and Chief Executive Officer Bill Miller argued that these markets are effectively operating as nationwide sports betting platforms. Miller stated that these platforms bypass the extensive regulatory systems established by states and tribal governments following the repeal of the Professional and Amateur Sports Protection Act in 2018. During the hearing, titled No Sure Bets: Protecting Sports Integrity…

Major League Baseball has finalized a multiyear prediction markets deal. MLB and Polymarket agreed to establish the platform as the official prediction market exchange for the league. This partnership marks a significant entry into the sector for the organization as it seeks to manage the growing popularity of event contracts. Alongside the commercial deal, the league has signed a memorandum of understanding with the Commodity Futures Trading Commission to create a framework for information sharing and market oversight. The collaboration between MLB and Polymarket provides the exchange with exclusive rights to use league trademarks and logos within its products. Polymarket…