US Tribal Gaming Reaches Record Revenue Despite Prediction Market Concerns

The National Indian Gaming Commission’s latest annual report revealed that US tribal casinos generated a record $46.2 billion in gross gaming revenue during fiscal year 2025, a 5% increase year-on-year.

This report covers 545 gaming facilities operated by around 250 tribes across 29 states, setting new revenue highs every fiscal year since 2011, with the exception of 2020 when the Covid pandemic disrupted operations.

“Indian gaming is an important contributor to tribal economies that empowers sovereign tribal governments to invest in their communities and provide their citizens with essential services,” NIGC Vice Chair Billy Kirkland said in a statement. 

“The Trump administration is proud to work alongside tribal leaders to ensure these benefits endure for future generations.”

Leadership changes impact the National Indian Gaming Commission

Despite another record year, the National Indian Gaming Commission operates without a permanent chair. The regulator has not had a full three commissioner leadership team since former chairman Sequoyah Simermeyer stepped down in February 2024 to join FanDuel.

Commissioner Sharon Avery served as acting chair before returning to her previous role in January. Kirkland later replaced former vice chair Jeannie Hovland after her departure in April, but US President Donald Trump has yet to nominate a new chair since taking office in January 2025.

The leadership gap has prompted questions about the commission’s ability to oversee the growing tribal gaming sector after seven regional offices were closed last November. Even so, Avery credited tribal regulators and casino operators for maintaining momentum across the industry.

“These GGR results reflect the continued commitment of tribal regulators and operators to responsible growth and community benefit,” Avery said in a statement.

Regional performance shows massive growth across tribal gaming markets

Seven of the commission’s eight reporting regions recorded year-on-year revenue growth during fiscal 2025. The only exception was the Rapid City region, which covers the Dakotas and neighbouring states, where revenue slipped by less than one per cent.

The Sacramento region, covering California and northern Nevada, was the largest tribal gaming market in the country after generating $12.6 billion in gross gaming revenue, up 4% from the previous year. For comparison, the Las Vegas Strip reported $5.5 billion over the same period.

For the Washington DC region, which includes much of the eastern United States from Florida through North Carolina to New York, revenue climbed 10% to reach $11.2 billion. Oklahoma remained one of the country’s largest tribal gaming markets, generating $3.7 billion after a 3% increase, while the Tulsa region also reached $3.7 billion with growth of 2.5 per cent.

Elsewhere, the St Paul region reported $5.3 billion in revenue, Portland generated $4.9 billion and Phoenix contributed $4.2 billion, with each market posting annual gains.

Prediction markets emerge as the biggest future challenge

While the latest figures underline the strength of tribal gaming, industry leaders believe prediction markets are a huge threat to future growth. Tribes in California, Wisconsin and New Mexico have launched legal action against prediction market operators, arguing the platforms violate the Indian Gaming Regulatory Act and existing tribal gaming compacts.

California Nations Indian Gaming Association Chairman James Siva said early estimates suggest prediction markets have diverted around five per cent of tribal gaming revenue since their rapid expansion began during the 2024 US presidential election.

“If they are (allowed) to expand, we’re talking maybe we have a 25% gross gaming revenue loss within the next year,” Siva said, per the Journal Record. “Put it in congressional numbers, that’s the equivalent of defunding the BIA, the (Bureau of Indian Education) and Indian Health Services. That’s how much revenue that we all use to improve the lives of our citizens that is potentially leaving Indian country.”

Indian Gaming Association Chairman David Bean also criticised the Commodity Futures Trading Commission during a House subcommittee hearing, arguing the regulator had failed to protect tribal interests as prediction markets expanded.

“Thanks to a one-person agency, every teenager can now lose their shirt without leaving their dorm room,” Bean told lawmakers.