Prediction markets are no longer a fringe experiment. Under the oversight of an increasingly aggressive CFTC that is seeking to displace state and tribal control over gaming, these platforms are redefining wagering as financial contracts outside long-standing gaming frameworks. This session examines how federal regulation is shifting authority, reshaping market access, and undermining established compacts. Panelists explore the legal, regulatory, and economic consequences if this model takes hold, and why decisions ahead could permanently alter the future of tribal gaming.