IGA Chairman rallies tribes for coordinated advocacy in Congress against prediction markets

Indian Gaming Association Chairman David Z. Bean urged Tribal Leaders to prepare for coordinated advocacy in Congress to amend the Commodities Exchange Act and prohibit wagering on prediction markets operating under CFTC oversight.

Bean delivered the remarks during the Executive Council Winter Session of the National Congress of American Indians, focusing on what he described as the most immediate challenge facing Indian gaming.

Bean said CFTC-authorized sports prediction markets and sweepstakes gaming platforms are operating in all 50 states, including jurisdictions where tribes hold exclusivity or where state authorization has not been granted.

He stated that prediction market operators are positioning gambling products as financial contracts under oversight by the Commodity Futures Trading Commission, which regulates derivatives markets.

"Nothing could be further from the truth. These are gambling products, and the next step will be casino-style games if we do not act," said Bean.

"Tribes and states are distinct sovereigns. They should be deciding gambling public policy, not foreign companies exploiting loopholes in new technology," he added.

Bean also underscored that more than 25 states are taking enforcement action against illegal sweepstakes operations.

He invited Tribal Leaders to participate in a Joint IGA/NCAI Task Force session and Hill preparation meetings, calling for coordinated advocacy to amend federal law.

Referencing figures from the National Indian Gaming Commission, Bean said tribal gaming generated $43.9 billion in revenue in FY 2024, a $2 billion increase over the previous year.

The industry supports nearly 700,000 American jobs and contributes more than $19 billion to state and federal governments through taxes and compact payments.

"Indian gaming remains the most successful economic development tool ever employed by tribal governments. It provides a consistent and stable source of revenue that supports our communities, our elders, and our youth," Bean stated.

Bean addressed Tribal Leaders four months after the passing of IGA Chairman Ernie Stevens Jr. and spoke about continuity within the organization.

"I know I cannot fill those shoes. There will never be another Ernie Stevens Jr. I simply want to walk in his footsteps, as he walked in the footsteps of his elders and ancestors, and carry on that important task of protecting tribal sovereignty and promoting economic self-sufficiency," he stated.

Bean told attendees that the association’s team and mission remain in place.

"Our goal in traveling throughout Indian Country is to give assurance to our member tribes that the same team remains, the same mission remains, and we continue this work together," Bean added.

Bean also announced a renewed commitment to outreach through a schedule of regional and tribal visits nationwide.

During his remarks, he acknowledged youth leaders in attendance, repeating a statement often used by Stevens: "You are not the leaders of tomorrow. You are the leaders of today."

Bean concluded by thanking Tribal Leaders, tribal attorneys, lobbyists and elders for their leadership. "Our elders endured far more difficult times than we will ever know. We honor them by continuing the hard work they began, protecting what we have built, and ensuring future generations inherit strong tribal economies."