Nevada Sportsbook Executives Blame Prediction Markets for Falling Wagering Volume in Testimony to Regulators

With Nevada sports wagering volume down $249 million so far in 2026, a veteran bookmaker on Wednesday railed against prediction markets for stealing market share from the state’s licensed sportsbooks. The head of Caesars Digital agreed, saying there’s no doubt these operators are eating into profits.

Hall of Fame bookmaker Joe Asher, CEO of Boomer’s Sportsbook, and Eric Hession of Caesars addressed the topic when they appeared before the Nevada Gaming Control Board on matters related to their sportsbook expansions.

Wagering Handle Has Slid for Months

Nevada has been locked in legal battles to exclude Kalshi, Polymarket, and other prediction markets from the state. The Nevada Gaming Control Board has asked a district court to hold Kalshi in contempt, alleging the operator has not complied with a May 18 judicial order against offering sports betting in Nevada — an allegation Kalshi disputes.

The board’s latest report showed Nevada sportsbook wagers totaled $545.7 million in May, down 5.4% from a year earlier. Mobile wagers fell 3.1% to $409.8 million. April wagers dropped 15.1% year-over-year to $525.1 million, and March wagers fell 11.3% to $763 million. Board member George Assad pressed Asher on the connection, telling him, “If people couldn’t bet with prediction markets, especially in Nevada, they’d be betting with you and other operators.”

Bettors Reportedly Skirting the Court Order

Asher acknowledged there’s no way to quantify the exact impact but said “of course, there has to be an impact from the prediction markets.” He described witnessing at least two instances of people betting on Kalshi despite the court order, including a dinner companion who placed a bet on his phone and a Las Vegas resident who changed his app address to California to keep wagering.

Asher also said Kalshi ads appeared when he searched for the Boomer’s Sportsbook and William Hill apps in the Apple App Store within the past week or two — after Kalshi had already been ordered to stop operating in Nevada. “So much for respect of the rule. The actions speak for themselves,” he said, adding he has screenshots to prove it. He also recalled Kalshi advertising on a billboard at Las Vegas Boulevard and Harmon during the Super Bowl even after the court order took effect.

Caesars operates sportsbooks in 32 states outside Nevada, and Hession said the nationwide impact from prediction markets is real, even if hard to isolate. “Regulated states report the sportsbook growth in volume has slowed a bit. We’re not seeing a significant impact to our revenue line yet, but it’s hard to tell,” he said, noting the industry’s typical 10% to 15% growth rate has cooled. He added that prediction markets carry a built-in advantage because they skip state taxes, licensing costs, and age restrictions that block traditional sportsbooks from taking wagers from 18-year-olds.