Tribes Push Back on Prediction Markets

Hundreds of tribes are objecting to the prediction market industry while a small but growing number partner with Kalshi.

Updated on Nov. 5, 2026 in Gambling

Live Poll

Do you think prediction market companies are good for your local community?

Hundreds of tribes are pushing back on the prediction market industry over concerns about casino revenue many rely on. A small but growing number of tribes are partnering with Kalshi, which says each tribe owns its own app and manages its own brand and customer relationships.

Why it matters

Casino revenue is a key source of income for many tribal nations, so the spread of prediction markets raises questions about tribal sovereignty and gaming interests. Some tribes view partnerships as a way to secure funding and improve conditions on reservations.

Polymarket's annualized revenue surpassed $1 billion and Kalshi passed $2 billion, according to reporting, though Kalshi had not responded to a request for comment. The extent of the revenue flowing to tribal partners has not been disclosed.

The players

Kalshi

A federally regulated prediction market exchange that has partnered with a small but growing number of tribes.

Washington Indian Gaming Association

A trade association representing tribal gaming interests in Washington state, led by executive director Rebecca George.

The details

Tribes partnering with Kalshi each own their own app and manage their own brand and customer relationships, while Kalshi runs the federally regulated exchange. Rebecca George, executive director of the Washington Indian Gaming Association, is among those voicing concerns, noting many tribes in Washington still lack clean drinking water and adequate healthcare.

Earlier in the summer, Reuters reported Polymarket's annualized revenue surpassed $1 billion.
Around the same time, Kalshi passed $2 billion in annualized revenue.
On Wednesday, Kalshi had not responded to a request for comment.

Big Picture

Prediction markets test how far the Indian Gaming Regulatory Act of 1988 extends to new forms of wagering that compete with tribal casino revenue.

Gamblers may see prediction market platforms expand their offerings as tribal partnerships grow. Tribal casino operators and their communities may feel financial effects if these platforms draw wagering away from reservation gaming.

The takeaway

Prediction markets are testing how tribal sovereignty and gaming revenue interact, so tracking tribal partnership announcements can help readers understand where the industry is heading.