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Sen Kelly, 11 other lawmakers say growing prediction markets threaten tribal sovereignty

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Arizona’s senior senator is among a group of 12 lawmakers who say rapid growth of prediction markets and online casino games threatens tribal sovereignty.

Democratic Sen. Mark Kelly is among the signers of a letter to senate committee chairs calling for regulation of prediction markets like Kalshi and Robinhood.

Kelly and others want legislation that bans the platforms in places where tribes hold gaming rights.

They write that prediction markets are misusing commodity and derivatives rules to offer sports and event betting in the face of state laws.

The Arizona attorney general has accused Kalshi of illegal betting, but courts have ruled it’s under the authority of the Commodity Futures Trading Commission.

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Matthew Casey has won Public Media Journalists Association and Edward R. Murrow awards since he joined KJZZ as a senior field correspondent in 2015.