Follow the Money.
A thorough examination of the finances, organizations, and interests that influence gambling policy — identifying the sources of lobbying and political expenditures, the public statements made by these entities, the relationship between those statements and government actions, and the flow of money and influence throughout the entire industry.
Casino industry lobbying & dark money groups
American Gaming Association (AGA)
$660K / quarterTrade association
The national trade group for the U.S. commercial casino industry, positioning itself as a defender of “consumer protection” and “market integrity.”
Member casinos and operators. Notably, DraftKings, FanDuel, and Fanatics all quit the AGA after launching their own prediction-market products.
Led by CEO Bill Miller.
“States are losing $1 billion to prediction markets.” “41 state AGs agree this is illegal.” The same year it made these harm claims, it announced a record $78.72B in 2025 revenue.
Gambling is Not Investing
UndisclosedAdvocacy campaign
A campaign framing prediction markets as gambling rather than regulated financial markets.
Not publicly disclosed.
Executive Director Mick Mulvaney has said publicly that the group's backers have a “financial interest” in limiting competition to casinos. (Source: https://x.com/jackikotkiewicz/status/2080337315231158323)
Advances arguments that align with the casino industry's position on prediction markets.
Indian Gaming Association (IGA)
—Trade association
Trade association representing tribal gaming interests; frames prediction markets as a threat to tribal sovereignty.
Member tribal gaming operators.
“Biggest threat to tribal gaming in 30 years” — the same week tribal gaming posted a record $46.2B in gross gaming revenue.
Sources: Yahoo Finance: tribal gaming record $46.2B
FairPredicts
Six figures (ads)Advocacy group
Describes itself as a “nonpartisan market integrity watchdog.”
None publicly disclosed.
Not publicly disclosed.
Ran D.C. advertising in the period around a Senate hearing. The creative closely resembled prediction-market operators' own billboard campaign.