A coalition of US casino operators, tribal groups and labor unions has urged the Senate to use pending cryptocurrency legislation to bar prediction markets, including Kalshi, from offering sports wagers, according to a report by Semafor, citing a June 16th letter coordinated by the American Gaming Association.
The signatories — including the Indian Gaming Association, the AFL-CIO’s Hotel and Gaming Trades Council and UNITE HERE — argued that event contracts have driven the largest expansion of gambling in US history over the past 18 months, without voter approval or state and tribal licensing.
The AGA has estimated that states have lost $1 billion because of the platforms since the start of 2025, a figure prediction-market operators dispute.
The push follows a proposed rule by the Commodity Futures Trading Commission (CFTC), published June 10th, that would permit most sports event contracts while banning those considered vulnerable to manipulation.
For Asia-Pacific regulators, the central question — whether event contracts should be treated as financial products or unlicensed gambling — is already active. Hong Kong earlier this year suspended a planned September launch of legal basketball betting, citing the rapid rise of prediction markets, and warned residents that trading on such platforms could breach gambling laws. Singapore’s Gambling Regulatory Authority blocked access to Polymarket as early as January 2025.
The sector also has an Asia-linked contender. Opinion, a BNB Chain-based platform with Asian roots and backing from Binance founder Changpeng Zhao’s venture arm, drew heavy volumes from South Korean users after its October 2025 debut, though analysts have questioned the scale of its reported activity.
How Manila, Singapore and other jurisdictions classify these products will determine whether the model gains a foothold across the region.
