As a Native law student and young professional engaged in tribal governance, gaming and federal Indian law, we have been paying close attention to the rapid rise of prediction markets and the debate surrounding their regulation. What began as an academic topic has become a real-world issue with potentially significant implications for tribal gaming and tribal sovereignty.
Within the past two years, there has been a spike in online sports betting via prediction market websites. These prediction markets allow users to buy “event contracts” to speculate on whether an event will occur. Kalshi, along with Polymarket and Robinhood, allows users to buy event contracts on political events, weather predictions, and celebrity news. However, on Kalshi, an estimated 90% of activity is sports betting.
The issue has attracted growing national attention. In May, the American Gaming…
