Prediction Market Conference Relocated from Las Vegas to New York Amid Unclear Circumstances

(AsiaGameHub) –   Since prediction-market litigation intensified in the second half of 2025, the Nevada casino industry has emerged as one of the most vocal critics of this emerging asset class. The longstanding dispute escalated this week when a Las Vegas Strip hotel withdrew from hosting a prediction market conference scheduled for this fall.

Predict Summit signed a contract on April 30 to host the Predict 2026 conference at the Aria Meetings & Convention Center. According to multiple media sources, the hotel—owned by MGM Resorts—canceled the event just three days later.

With the venue no longer available, Predict 2026 relocated the conference to New York, another state that has aggressively pursued legal action against prediction-market operators. Although Predict Summit previously held events in Las Vegas this year—including one in April at a non-casino property—the organizers assert that the Aria received pressure from Nevada regulators to cancel the conference following its cancellation.

In response, the Nevada Gaming Control Board denied these claims, stating to CoinDesk: “We did not direct, request, or otherwise pressure any licensee or venue to cancel or decline to host any recent or upcoming event or conference, as has been suggested.”

The conference has now been moved to Times Square and will take place at the Marriott Marquis, a venue previously used for major events such as the NFL Draft and the Heisman Trophy ceremony. Predict 2026 is set to run in early October.

Despite these developments, the reasons behind the Aria’s decision to cancel the event remain unclear. Over the past year, MGM Resorts CEO Bill Hornbuckle has repeatedly called on state regulators to restrict the growth of prediction markets.

When contacted, an MGM Resorts spokesperson declined to comment.

Stakeholders prepare for federal hearing on Capitol Hill

Trading contracts tied to sports events on prediction markets is expected to be a central topic during next week’s federal hearing on sports integrity.

The hearing will examine the rapid expansion of sports betting and its implications for the integrity of professional and collegiate athletics. Tennessee Senator Marsha Blackburn, who chairs the Senate Commerce Subcommittee on Consumer Protection, Technology, and Data Privacy, will preside over the session on May 20 at the Dirksen Senate Office Building.

Blackburn, who has served as a senator for many years, also participated in the previous federal hearing on sports betting in December 2024. At that time, she emphasized the need to address threats posed by illegal sportsbook operators during major international events like the World Cup and the 2028 Summer Olympics, both of which will be held in the United States.

Next week’s hearing stands out from its predecessor primarily due to its focus on prediction markets.

“As traditional online betting platforms and new entrants like prediction markets increasingly intersect with sports, it’s essential to understand how these platforms operate and what they mean for the integrity of athletic competition,” Blackburn stated.

The subcommittee has announced four witnesses for the hearing, including Scott Sadin, co-CEO of IC360, an organization responsible for uncovering numerous sports betting-related scandals in recent years. Bill Miller of the American Gaming Association and Patrick McHenry, senior advisor to The Coalition for Prediction Markets, are also expected to present contrasting perspectives on the issue.

This week, the AGA released a report referencing a 2025 analysis indicating that unregulated gaming devices, offshore sportsbooks, and illegal online casinos generate approximately $53.9 billion in annual revenue. The association noted that this figure excludes millions in lost tax revenue from sports wagering attributable to sports event contracts.

Further updates from the week

– Polymarket, a leading prediction market operator, has not confirmed whether it will attend next week’s hearing. Earlier this week, Polymarket launched its U.S. app for iOS users, ending a six-month waitlist—a move first reported by InGame. Separately, the platform experienced its first monthly drop in notional trading volume in eight months; for April, volume fell 9% to $10.3 billion, according to Bloomberg.

– In Minnesota, lawmakers in both chambers passed a measure by wide margins aiming to ban all prediction market activity statewide. Proponents argue that the legislation is necessary to protect children from exposure to such platforms, while opponents warn that the state may face costly federal litigation. The bill is now awaiting approval from Governor Tim Walz.

– The U.S. Commodity Futures Trading Commission (CFTC) has submitted several amicus briefs in support of defendants involved in state-level lawsuits targeting prediction markets. On May 12, the CFTC filed a brief with the U.S. Court of Appeals for the Sixth Circuit, asserting its exclusive regulatory authority over sports-event contracts in Ohio.

“As I’ve said repeatedly, the agency will not allow overzealous state governments to undermine our longstanding authority over these markets,” wrote CFTC Chairman Michael Selig on his X account. Selig has not indicated whether he plans to attend next week’s congressional hearing.