States have lost $1 billion due to prediction markets: Gaming association
The post States have lost $1 billion due to prediction markets: Gaming association appeared on BitcoinEthereumNews.com. The American Gaming Association now estimates that states have missed out on more than $1 billion in tax revenue due to the rise of prediction markets. In an appearance on CNBC’s “Squawk Box” detailing the estimate, association president and CEO Bill Miller said that the lost money has consequences for communities due to the taxes states collect on regulated gambling. “It’s about states and tribes that are losing literally a billion dollars today in state and tribal revenue that would otherwise go to fund important community projects,” he said, referencing the consequences it has on Native American casinos’ revenues too. Miller — whose organization is an advocate for casino operators, manufacturers and employees — said prediction markets amount to “backdoor sports betting.” The only difference, in his view, is that they aren’t regulated in the same way as sportsbo