IAGA Summit Sarasota: June 2-4, 2026
As new products such as prediction market contracts and hybrid betting models blur the line between financial instruments and gambling, how do regulators decide whether to extend existing gambling frameworks or defer to other regulatory bodies?
Dave Berry: Obviously, this is an area that has drawn significant interest and discussion recently and many jurisdictions are wrestling with this question. Personally, I think the products being offered should be viewed from a common sense perspective of “what would a reasonable person believe it to be?”. Additionally, in Canadian law, there are specific criteria that call out what is a “lottery scheme” and hence can only be offered by the Crown or a licensed charitable or religious organisation.
I think it’s critical that gaming regulators establish a strong working relationship with their respective securities regulators. Both parties have a mutual interest in ensuring the public is protected by an effective regulatory framework, that also provides industry clear guidance on “who is responsible for what”. If all applicable regulators work together and publish coordinated guidance, everyone benefits!
Michael Leara: Te Missouri Gaming Commission is closely monitoring the emergence of prediction market contracts, particularly where they intersect with sporting event outcomes. At present, we are awaiting guidance from pending litigation and input from our new Attorney General. Consistent with the position of the National Council of Legislators from Gaming States, we view commodity style contracts tied to sports outcomes as functionally equivalent to sports wagering and therefore subject to existing prohibitions under Missouri law.
With illegal online gambling and offshore sports betting continuing to evolve, what enforcement tools are proving genuinely effective, and where are regulators still structurally disadvantaged?
Michael Leara: Our authority to directly pursue offshore operators is inherently limited, which places regulators at a structural disadvantage in this space. Tat said, enforcement remains a priority. We are encouraged by the proactive posture of our new Attorney General and anticipate a more coordinated and assertive approach moving forward,
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particularly in targeting illegal operators and disrupting their access to Missouri consumers.
Dave Berry: Tere are several approaches that have been utilised recently, with varying levels of success. I think we should look to other “illicit” market examples for guidance on what can be done. For example, Canada legalised the production and sale of non-medical cannabis in October 2018.
For the last eight years, we have gained significant experience in efforts to combat the illicit cannabis market, including online illicit sales. Tere are numerous similarities between both the illegal gaming and cannabis markets. Tey are often account-based, and use various payment platforms including virtual currency, e-transfers, and other non-traditional financial instruments.
Alberta has had reasonable success in suppressing some of these websites and in some cases laying criminal charges against those operating them. Using the latest technology, we can locate the site address and the Internet Service Provider (ISP).
With the right information to prove the site is operating illegally, ISP’s have complied with taking the site down. Although these sites can often re-emerge with a different address within days, disruption is still a bona-fide technique to suppress the impact of the illegal market.
Lately social media and search engine platforms have been willing to remove advertisements and fraudulent casino apps when notified by the regulator that they are not legal, and as a result they do not comply with the platforms terms and conditions.
Additionally, the Province of Manitoba had a successful result in federal civil court against a site operating in their province. All this to say we can make an impact, and often its continuous efforts that will eventually start to pay rewards.
To the question of “where are regulators structurally disadvantaged”, my opinion is that regulatory bodies and who do not also possess criminal law investigative authorities face tougher challenges than those who are integrated. At AGLC, we are incredibly fortunate to possess investigative authority for criminal offences involving gaming, contraband tobacco,
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