American Gaming Association CEO Bill Miller spoke like a general preparing his army for battle last week at the Global Gaming Expo in Las Vegas, warning of the danger that increasingly popular services skirting gaming laws pose for the industry and its patrons.

Miller’s hostility largely focused on prediction markets, where people can buy a contract that settles like a wager, depending on the event’s result. Similar to the stock market, the value of each contract rises and falls based on buying and selling patterns.

If someone buys “yes” on whether it will rain on a certain day at 60 cents, they make a 40-cent profit per contract owned if they’re correct. Prediction markets, which have users trade with one another, also purport to measure public opinion through their contracts’ current p

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