This month Bet365 became the latest major sports betting company to exit the American Gaming Association (AGA), following in the footsteps of fellow Sports Betting Alliance (SBA) members DraftKings, Fanatics Betting & Gaming, and FanDuel. Per the AGA website, bet365 was listed as a member in February, but was not on the list as of Monday. The organization confirmed bet365 is no longer a member.
DraftKings and FanDuel resigned their memberships in November after a divide between tech-first companies and land-based casinos opened over prediction markets. The trade association has now made it clear that those participating in prediction markets and offering sports event contracts are not welcome. Fanatics followed suit in December. All three companies had already begun offering prediction products or had plans to at the time of their resignations.
It’s possible that bet365 is preparing to do the same, though the company has not filed with the National Futures Association (NFA) for approval. But it could be preparing to enter prediction markets via a technology provider agreement or via an acquisition.
Legacy casino companies like Caesars, MGM, and Penn Entertainment have opted not to enter prediction markets, while tech-oriented wagering platforms like DraftKings, Fanatics, and FanDuel, and daily fantasy sports companies like PrizePicks and Underdog, are embracing it. Underdog gave up sports betting licenses in North Carolina after it began offering its prediction product and has since said prediction markets will be the company’s focus.
Though casino companies and tech companies both offer state-regulated sports betting, their business models and plans are different. Casino companies often have hundreds of millions of dollars of physical assets to protect, mortgages to pay, and thousands of employees. Tech companies own few, if any, physical gaming locations, and employ fewer people because nearly all of their business is online.
BetMGM torn between two worlds
BetMGM CEO Adam Greenblatt called it a “conflict” for his company remain in some industry groups — the SBA and the Responsible Online Gaming Association — that also have companies offering sports event contracts via prediction markets. But he also said that the company will maintain its membership in those organizations.
BetMGM is a joint venture between Entain and MGM Resorts, both of which are core members of the AGA.
BetMGM’s decision not to enter prediction markets has everything to do with MGM’s land-based casino business and concerns about putting those licenses at risk as multiple state regulators have threatened to reconsider suitability for companies that offer sports event contracts. So far, no state has taken sweeping enforcement action.
Bet365 has limited exposure in terms of land-based operations, running sportsbooks at a handful of retail casinos owned by others. Based in the United Kingdom, the company falls into the tech-first category of wagering operator, and is live in multiple jurisdictions in the U.S. and in Ontario, Canada in addition to having platforms in Europe and Brazil.
It does not offer a betting exchange or prediction platform in any jurisdiction in which it is live.
AGA committed to state, tribal regulation
The rise of prediction markets has caused an evolution within the AGA. Suppliers OpenBet and Sportradar declined to renew their memberships in January, likely because key clients are entering the prediction market business, though neither said such explicitly. The moves reveal that the organization appears to be shifting its focus to land-based and state-regulated gaming.
In a December 2025 membership letter, AGA CEO Bill Miller wrote, “Our position is clear and unwavering: sports event contracts are gambling, and gambling is regulated by states and tribes,” he wrote. “In 2026, we will continue to defend this framework and uphold state authority and tribal sovereignty.”
Bet365 did not respond to a request for comment for this story.
