David Z. Bean, Chairman of the Indian Gaming Association, has called on Tribal Leaders to mobilize for unified advocacy in Congress to revise the Commodities Exchange Act, aiming to ban betting on prediction markets under CFTC jurisdiction.
In his address at the Executive Council Winter Session of the National Congress of American Indians, Bean emphasized what he sees as the most pressing issue confronting Indian gaming.
He highlighted that sports prediction markets and sweepstakes platforms sanctioned by the CFTC are operational in all 50 states, impacting areas where tribes have exclusivity or where state approvals have not been obtained.
Bean asserted that prediction market operators are marketing gambling as financial contracts under the oversight of the Commodity Futures Trading Commission, which governs derivatives markets.
“This is a misrepresentation. These products involve gambling, and if we don’t intervene, we could see the emergence of casino-style games,” Bean stated.
“Tribes and states have distinct sovereign status. They should dictate public gambling policy, not foreign corporations taking advantage of loopholes in emerging technologies,” he further remarked.
He also pointed out that over 25 states are taking action against illegal sweepstakes operations.
Bean extended an invitation to Tribal Leaders for a Joint IGA/NCAI Task Force session and legislative strategy meetings, advocating for collective efforts to amend federal regulations.
Quoting data from the National Indian Gaming Commission, he noted that tribal gaming produced $43.9 billion in revenue in FY 2024, marking a $2 billion increase from the prior year.
The sector creates nearly 700,000 American jobs and contributes over $19 billion to federal and state governments through taxes and compact agreements.
“Indian gaming is the most effective economic development tool ever utilized by tribal authorities. It offers a reliable and stable revenue stream that benefits our communities, elders, and youth,” he stated.
Bean addressed the Tribal Leaders four months following the passing of IGA Chairman Ernie Stevens Jr., focusing on the importance of continuity within the organization.
“I acknowledge I cannot replace him. There will always be only one Ernie Stevens Jr. My aim is to honor his legacy, following the path laid by him and his predecessors in safeguarding tribal sovereignty and promoting economic self-reliance,” he noted.
He assured attendees that the association’s mission and team are intact.
“Our ongoing efforts throughout Indian Country are to assure our member tribes that our team, mission, and collaborative work remain unchanged,” Bean stated.
Additionally, he announced a renewed dedication to outreach through a schedule of nationwide regional and tribal visits.
During his remarks, he acknowledged the youth leaders present, reiterating a frequently quoted sentiment from Stevens: “You are not the leaders of tomorrow. You are the leaders of today.”
Bean wrapped up his speech by expressing gratitude to Tribal Leaders, tribal attorneys, lobbyists, and elders for their ongoing leadership. “Our elders have faced far greater challenges than we can imagine. We honor them by continuing their legacy of hard work, preserving our achievements, and ensuring that future generations inherit robust tribal economies.”