As Predicted, Prediction Markets Dominate G2E Discussions

By: Sara Dalsheim

Every year at the biggest gaming conference in the world, G2E, there is one topic on everyone’s lips. In past years, these topics have been legalized online sports wagering, daily fantasy sports, legalized iGaming, expansions of legalized online gaming, social gaming, and sweepstakes casinos. This year it was no different; the topic being – prediction markets.

With the growing popularity of exchanges such as Kalshi and Polymarket, along with the recent $2 billion investment in Polymarket, everyone the Ifrah Law team encountered was concerned with and curious about this potential new gaming-related vertical.

Some in the industry, including leaders (i.e., the AGA) and regulators, expressed annoyance and frustration by the new entrant – claiming it was illegal and reckless. Others were wondering how/if they should get involved in the new vertical, not wanting to miss out on the opportunity to enter and get involved in this space, while being apprehensive about upsetting the current ecosystem.

The number one question being: “what do you think about prediction markets?” This question was often followed by: Are they legal? Will they prosper? What will be the market’s biggest hurdles? We expressed to clients that an answer is likely years away and to be decided by the Supreme Court, given the current court splits.

Uncertainty remains on whether prediction markets will remain. However, Flutter Entertainment CEO Peter Jackson noted at a G2E fireside chat that they had recently partnered with CME Group, the largest U.S. derivative exchange.¹ Additionally, it is no secret that other major sports wagering operators such as Fanatics and DraftKings have applications pending with the National Futures Association to serve as Futures Commission Merchants.² Other operators, like MGM Resorts and BetMGM, are concerned about the dichotomy of a potentially federally regulated market operating alongside the now state-level regulated markets of sports betting and other gaming verticals; however, MGM Resorts CEO Bill Hornbuckle was clear that the company would “absolutely” be a “fast follower” if prediction markets were to become a staple.³ This is paired with significant and forceful criticism from the AGA marking the vertical as blatantly illegal⁴, along with the recent substantial state regulatory warnings and pending legal battles.⁵

As we stated to clients this year at G2E, ultimate legality is not yet decided, and we, along with the rest of the industry, will continue to monitor the regulatory actions and legal actions, keeping our clients well informed and advising them accordingly.

¹ See Sonia Lindenberg, Flutter CEO on prediction markets: “Reasonably familiar” with the space, NEXT.IO (Oct. 10, 2025), https://next.io/news/betting/flutter-ceo-peter-jackson-prediction-markets/ (quoting Peter Jackson’s statements: “We’re very excited about the opportunities that we’ve got in front of us, for a range of products we can bring to the market here in the US, leveraging our expertise and the capabilities of CME as well. There’s a lot of news flow in this space and I’m pretty sanguine about it. When I look at the sort of outcomes that are possible, I think we’re very well place irrespective of which path we end of following. That’s thanks to our capabilities, partnerships, and brand reach here in the US. I’m excited about it, and I can see why others are wanting to get into the market.”).

² Jessica Welman, Gaming operators at G2E far from united when it comes to sports contracts, SBC AMERICAS (Oct. 8, 2025), https://sbcamericas.com/2025/10/08/g2e-mgm-draftkings-prediction-markets/.

³ See id. (quoting BetMGM CRO Matt Provost, “We will be guided by regulatory partners, and we have no intention of launching into a world that’s opaque or vague. We want to have absolute clarity before we were to launch into the market, into anything. We’re regulated gaming, period.”).

⁴ Laura Mack, Miller: ‘If it’s gambling, it need to play by the rules’, GAMING AMERICA (Oct. 7, 2025), https://gamingamerica.com/news/14473/miller-if-its-gambling-it-needs-to-play-by-the-rules.

⁵ Ryan Butler, Prediction Market’s Legality Will Require ‘Patience’, YAHOO! FINANCE (Oct. 8, 2025, 4:31 PM EDT), (explaining that Kalshi has sued Maryland, Nevada, and New Jersey gaming regulators arguing they are legal under the federal Commodities Futures Trading Commission which supersedes state regulatory authority, and confirming that state gaming regulators have sent cease-and-desist letters along with warning their licensees that their licenses will be jeopardized if they offer prediction markets).