A Nevada judge has upheld a statewide ban on prediction market platform Kalshi offering sports-related contracts, siding with regulators who argue the company’s products amount to unlicensed gambling.
First Judicial District Court Judge Jason Woodbury granted a preliminary injunction requested by the Nevada Gaming Control Board, extending an earlier temporary restraining order that blocked Kalshi from operating in the state.
The ruling prevents the New York-based company from allowing Nevada users to trade on the outcomes of sporting events and other real-world occurrences without obtaining a state gaming license.
Woodbury said Kalshi’s event-based contracts are “indistinguishable” from traditional sports betting, rejecting the company’s argument that its offerings are financial instruments regulated exclusively by the federal Commodity Futures Trading Commission.
The decision marks one of the most significant setbacks for Kalshi as it fights legal battles across the country over whether its platform constitutes gambling or federally regulated trading. Nevada remains the only
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