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Of Mice and Men A
merican author John Steinbeck wrote, “The best laid plans of mice and men often go awry” in his best-selling 1937 novella, Of Mice and Men, which became a critically acclaimed movie.
Its meaning is simple: meticulous plans and good intentions can go wrong at any time. I intended this column to be a pre-summer potpourri of lighter, general news. That dissolved with the increasing concerns about prediction markets invading legal sports betting, which I highlighted this past March. Prediction markets let individuals make trade contracts on almost any future event with unknown outcomes, including sports and elections.
On May 20, American Gaming Association (AGA) President/CEO Bill Miller testified before a U.S. Senate committee. He detailed the destructive nature of prediction markets impacting legalized sports betting. Miller didn’t mince words. He warned against the federal Commodity Futures Trading Commission (CFTC) assuming prediction markets’ oversight. Miller stated, “The CFTC was created to regulate markets critical to the functioning of the nation’s economy, not to regulate Monday Night Football. In 2024, Kalshi stated this in federal court.”
So much for Kalshi. Professional golf champion Bryson DeChambeau and the Chicago Blackhawks hockey team, plus other professional sports groups, are now partnered with Kalshi.
Miller continued, “As the legislative history directly confirms, Congress did not want sports betting to be conducted on derivative markets. In just a few months, they were offering an overwhelming menu of sports from the NFL Playoffs to the Super Bowl to March Madness.
14 JUNE 2026
11/2/26 09:54
Sharon Harris proves that you can’t keep a good column down, even when you didn’t plan it that way! The best laid plans…
Now, as Miller said, the revenue losses could trigger distrust and blowback. Public opinion research polling company Overton Insights reported alarming data that more registered voters now oppose legalized sports betting than support it.
Prediction markets, with the aid of a rogue CFTC, are making a mockery of Congressional intent. The prediction markets are running national sports books and it’s time to hold them accountable in the same way we are.” I strongly agree, but am not surprised. Backroom deals have always threatened regulated operations, which the industry aimed to finally eliminate. Based in New Jersey, I had a front row seat to watch the sports betting battle years ago.
When appearing on television on May 28, Miller described the legal situation. Of the 50 states’ Attorneys General, 41 maintain the CFTC may influence the U.S. economy, but does not-and should not-regulate sportsbooks. “…It’s not about the AGA or the gaming industry, it’s about states and tribes that are losing literally $1 billion in state and tribal revenue that would otherwise go to fund important community projects and pay taxes to these states,” said Miller.
After working years to ensure integrity, this is devastating if the public considers sports betting confusing and dishonest. Following the 2018 Supreme Court decision allowing individual state’s sports betting programs, their treasuries have benefitted financially.
Its May 16-20 survey of 1,377 registered voters, reflecting all political stripes, revealed that 47 percent-32 strongly/15 somewhat- oppose sports betting. Conversely, 31 percent-16 percent strongly/15 somewhat support it. Almost one quarter, or 22 percent, is uncertain.
Legal sports wagering advocates better hear this wake-up call to prevent prediction markets from potentially threatening public confidence and economic stability.
Miller is the perfect person to rally the AGA membership to barnstorm their Congressional representatives and senators. There’s a big election this November and many in Congress are worried about their reelections. Fortunately, whatever happens, commerce continues. For example, Fertitta Entertainment intends to buy Caesars Entertainment for $5.7 billion, plus $11.9 billion in debt. The $17.6 billion deal is a coup for Tilman Fertitta, owner of Golden Nugget casinos, Landry’s, Inc. and the Houston Rockets basketball team. He also serves as U.S. Ambassador to Italy. Worth $11 billion, Fertitta ranks 248th on Forbes 400 Richest American Citizens 2026 list.
This buyout would increase Fertitta’s eight-property portfolio in six geographically- diverse states to 61 across 18 states and Ontario, Canada. While all major players in their jurisdictions, Nevada’s 15 statewide locations are the largest.
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