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The National Council of Legislators from Gaming States (NCLGS) has taken steps to address the emerging issue of prediction markets, emphasizing through resolution that decisions regarding sports wagering and gambling policy should remain grounded in the authority of the states.
The resolution, unanimously approved by the NCLGS Executive Committee at its July meeting in San Diego, notes that prediction markets “have rapidly expanded in the United States, allowing participants to wager on the outcomes of political elections, economic indicators, sporting events, and other real-world occurrences” and that “these platforms choose largely to operate outside the established regulatory frameworks governing licensed sports betting, casino gaming, and other forms of legalized gambling.”
NCLGS has made prediction markets one of the most prominent topics discussed at its national conferences, bringing together leading voices representing a broad range of perspectives. Conference panels have included legal scholars, gaming regulators, industry executives, financial market experts, attorneys, and policymakers who have debated whether sports event prediction contracts fall within the jurisdiction of federal commodities law or state gaming law.
“NCLGS exists to provide legislators with objective, substantive education on the most important issues facing gaming policy,” said Juliann Barreto, Chief Operating Officer of Spectrum Gaming Group, which serves as NCLGS Executive Director. “Prediction markets represent one of the most significant emerging issues confronting state policymakers, and we have ensured that our members hear directly from experts on all sides of the debate.”
With Congress now holding hearings examining the growth of prediction markets, NCLGS believes the discussion underscores the importance of preserving the role of states and tribal authorities in regulating gaming activities conducted within their borders.
NCLGS supports the principle that states should retain primary authority over the regulation of gaming within their jurisdictions. This longstanding support of states’ rights is shared by many state legislators, regulators and tribal governments.
As Congress and federal agencies continue to evaluate prediction markets, NCLGS encourages policymakers to carefully consider the impact that any federal action could have on existing state and tribal gaming policies.
NCLGS will continue to provide a national forum where policymakers can hear competing viewpoints, examine emerging legal and regulatory issues, and develop informed public policy based on facts, expertise, and respectful debate.
The National Council of Legislators from Gaming States is the nation’s only organization of state legislators dedicated to developing sound public policy through education and the exchange of ideas on issues related to legalized gaming. NCLGS neither promotes nor opposes gaming but is committed to helping state policymakers understand the complex legal, regulatory, and economic issues shaping the gaming industry.
NCLGS is the only organization of state lawmakers that meets on a regular basis to discuss gaming-related issues. The NCLGS semiannual meetings, which are open to the public, attract numerous state legislators as well as regulators, gaming operators and suppliers, attorneys, lobbyists, media, and other stakeholders to discuss all aspects of regulated gaming, as well as the risk implications of unregulated gaming. NCLGS meetings are proudly produced and organized by Spectrum Gaming Group, which serves as Executive Director.
SOURCE: National Council of Legislators from Gaming States
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