The Mohegan Tribal Gaming Authority is backing Connecticut’s efforts to rein in prediction market platforms that executives say are infringing on the tribes’ exclusive gaming rights.
The announcement came as Mohegan reported a first-quarter profit, largely driven by a one-time accounting gain.
“Exclusivity On All Forms of Gaming”
During an earnings call last Thursday, February 12, chief financial officer Ari Glazer said the Mohegan Tribe and Foxwoods are working with state regulators to address what they regard as unlicensed gambling.
“I think the two Connecticut-based Native American tribes have exclusivity on all forms of gaming in Connecticut, and we are actively working with all of the Connecticut constituents and regulators, and government to ensure that that is the case,” Glazer said.
In December 2025, the Gaming Division of the Department of Consumer Protection sent a series of cease-and-desist letters to several platforms, including Kalshi, Robinhood, and Crypto.com. In an attempt to prevent them from offering sports wagers in the Nutmeg State.
The Mohegan Tribe agreed with the decision, further reiterating its commitment to operating in a regulated market that knows how to protect consumers.
“We stand with Attorney General Tong and the State of Connecticut in their litigation against predictive markets to ensure full compliance with state law and the Indian Gaming Regulatory Act,” the tribe said in a statement.
Prediction markets allow users to trade contracts on the outcome of events, such as sports games, while presenting themselves as distinct from traditional sportsbooks.
Governor Ned Lamont has also proposed legislation that would restrict access for minors under 21, impose civil penalties of up to $50,000 for violations, and require a study on how prediction markets affect problem gambling and licensed gaming revenues.
Revenue, Net Income, and Cash Flow
Mohegan’s first-quarter results showed net income of $108.5 million, compared with a loss of $85.9 million a year earlier, but that gain was almost entirely tied to a $102 million non-cash accounting adjustment related to discontinued operations in South Korea.
Excluding that, revenue and operating cash flow were largely flat.
Analyst Kim Noland of Gimme Credit noted that core properties continue to face challenges. Domestic resort revenue fell 3.9% to $300 million, driven by fewer arena events and tough comparisons to the prior year.
Online gaming and sports betting, however, posted a bright spot, with Mohegan Digital’s revenue rising 35.9% to $72.2 million, led by growth in Connecticut operations.
Tribal council treasurer Thayne D. Hutchins Jr. said the board is managing operations during the transition period following former CEO Ray Pineault’s decision to step down after nearly two and a half decades, with a new CEO not yet named. Officials also confirmed that the Connecticut Sun WNBA team will play its 2026 season in-state, without offering additional updates.
