Gambling and the Law®

Prepared for the National Council of Legislators from Gaming States, Summer 2026 Conference, San Diego, California © Copyright July 20, 2026, all rights reserved worldwide.

I recently joined WGN Radio’s Legal Face-Off to discuss futures prediction markets.

I will be presenting my paper, “Why Courts and Congress Should but Won’t Outlaw Prediction Markets,” at the 19th International Conference on Gambling & Risk Taking at the Bellagio Hotel & Casino in Las Vegas, May 26–28, 2026.

New academic paper from Mark Griffiths and Michael Auer shows for the first time who plays online casinos and how much they bet.

On March 23, 2026, Kalshi and Polymarket, by far the largest prediction markets, announced bans on insider trading; even though insider trading is already banned in their Terms and Conditions.

I was recently quoted in an article published by Danish television network TV 2 Danmark examining the lawsuit between the State of Nevada and prediction market platform Kalshi.

Insider trading is illegal – in securities trading and regulated sports betting.

The Capitol Forum recently published an article examining the difficulties Sporttrade has faced trying to operate an exchange-style sports prediction platform under existing state gambling laws.

On February 19, 2026, Kalshi removed to federal court the lawsuit filed against it in state court by the state of Nevada.

Today, February 17, 2026, saw the following: 1) The US Ninth Circuit Court of Appeals denied Kalshi’s attempt to prevent the state of Nevada from suing the sports event prediction market operator. 2) The Nevada Gaming Control Board and the state attorney…