Nevada Sportsbooks Share Damage Done by Prediction Markets

The Nevada Gaming Control Board held a regulatory meeting with operators in the state last week, but talks over prediction markets quickly took center stage.

Several representatives from Nevada’s largest sportsbooks shared the impact they’ve felt since the emergence of sports prediction markets. CEOs from Caesars, MGM, and other famous Las Vegas brands confirmed they’ve suffered a significant drop in volume to the rival industry.

The NGCB, state lawmakers, and Nevada sportsbooks are united in their fight against sports prediction markets. They have joined to take operators like Kalshi and Polymarket to court, earning temporary injunctions to force them out. However, appeals threaten to overturn those orders.

Even US Rep. Dina Titus has been actively supporting her state’s largest industry. She has been pushing for Congress to intervene and rein in the largely unregulated world of sports prediction markets.

Nevada has largely kept its market closed to commercial sportsbook operators to protect its massive casino industry. That means platforms like BetMGM Sportsbook, Caesars Sportsbook, and Circa Sports are available, but not DraftKings or FanDuel.

In addition to the financial impact being felt, Nevada sportsbooks also emphasized their belief that sports markets are a clear form of gambling. This argument is being used by several states pursuing their own lawsuits against prediction operators.

Will Las Vegas Sportsbooks Change Their Tune?

While the NGCB’s meeting showed incredible unity among Nevada sportsbooks, there is reason to wonder whether that will continue.

Despite the state’s massive gambling industry, only a few operators have found success with online sports betting. MGM, Caesars, Circa, and Bally’s have achieved varying levels of success, keeping their platforms live in several US markets. However, they have been unable to compete with massive out-of-state rivals like FanDuel and DraftKings, instead fighting for whatever market share remains.

The gap between Las Vegas brands and their rivals continued to grow over the last year as the two industry leaders and Fanatics launched their own prediction platforms. This allowed them to offer sports betting in all 50 states, adding yet another advantage.

MGM and Caesars have expressed opposition to the new industry but have also refused to rule out joining it. If sports prediction markets can survive the legal onslaught they currently face, the two Las Vegas operators may no longer be able to delay launching their own platforms.