Boomer’s CEO Blasts Prediction Markets as Unregulated Gambling

Speaking to a collection of gambling industry professionals at Circa Las Vegas, Boomer’s Sportsbook CEO Joe Asher discussed the fast-growing prediction market sector, arguing that it is just a familiar product under a new guise. His main complaint was that the industry was turning an increasing number of aspects of daily life into gambling opportunities, often without the protections that traditional sportsbooks have spent years building.

Prediction Platforms Enjoy Unfair Advantages

According to a recent report by CDC Gaming, Asher, a sportsbook industry veteran, questioned the legal footing of prediction markets. He noted that when the 2018 Professional and Amateur Sports Protection Act ruling legalized gambling in individual states, nobody argued that sports wagering had been legal all along under the guise of securities contracts. 

He was also troubled by how these platforms operate outside the state regulations governing sportsbooks. Asher sees Nevada, where Boomer’s operates, as the gold standard for regulation. While the state is actively pushing back against prediction markets, Asher argued that such efforts were insufficient. He also contended that these platforms enjoy an unfair advantage over sportsbooks by avoiding significant taxes and responsible gaming measures.

They used to talk about it not being gambling, but now… they’re joining the National Council for Problem Gambling.

Joe Asher, Boomer’s Sportsbook CEO 

He also worried about the types of people targeted by prediction platforms. According to Asher, younger users, including college students and even teenagers, are increasingly using prediction markets. He added that anecdotal reports of underage use are growing, especially as the products spread through social media and campus networks.

He Urged for Stricter Regulations

Asher contended that current trends encourage what he called the “gamblification” of American culture. He argues that the problem centers on how gambling is now often presented as a type of investment, blurring an important distinction. In his mind, Betting should be sold as entertainment, not as a way to get rich. Calling it an investment could mislead users, especially those with little experience.

The claims by prediction platforms that their offerings represented a new type of financial product also bothered Asher. He countered that betting exchanges have existed for decades, particularly in the United Kingdom, where they’ve remained a niche product despite being legal and regulated. The CEO claimed that US prediction platforms were only so successful due to the legal gray area in which they exist.

According to Asher, regulated sportsbooks may struggle to compete with loosely regulated platforms. His own approach at Boomer’s focuses on offering a better, more sustainable product. That may require narrower margins with improved odds for the customer. However, Asher was confident that a revised business model would keep players engaged longer, offsetting short-term costs.