US Edition
Nevada Sues to Block Kalshi From Operating Prediction Market in State
Nevada's gaming regulators filed a civil action after the 9th Circuit upheld a ban on Kalshi's unlicensed sports betting, citing harm to the state's gaming industry.
- Tuesday's filing by the Nevada Gaming Control Board seeks to block Kalshi in Carson City District Court after the 9th Circuit Court of Appeals ruling.
- Nevada contends offering sports event contracts constitutes wagering under Nevada law, citing a federal judge's November order and a cease-and-desist last March, with more than 20 states filing challenges.
- Kalshi reported more than $1 billion in Super Bowl trading and did 27 times as much business on Super Bowl Sunday this year, while Jessica Whalen wrote its operation harms Nevada and regulated gambling shrank.
- Nevada is asking a state judge for a temporary restraining order while Kalshi seeks federal review; if Nevada prevails, it would join Massachusetts, which won an injunction on February 5.
- Michael Selig, chairman of the Commodity Futures Trading Commission, said, `Today, the CFTC is taking an important step to ensure that these markets have a place here in America,' as the CFTC filed briefs backing prediction-market firms.
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15 Articles
Nevada Gaming Control Board files civil enforcement action against Kalshi; deeming its operations as unlawful
The Nevada Gaming Control Board filed a civil enforcement action against web-based prediction market Kalshi Tuesday, deeming its operations to be unlawful in Nevada.
Business Insider
The New York LedgerNevada sues Kalshi as federal regulators say back off
Kalshi's websiteThomas Fuller/NurPhoto via Getty ImagesNevada regulators sued Kalshi, saying its markets are actually illegal sports gambling.The suit was filed just as the Trump administration sided with prediction markets.Other states have also sued Kalshi, and many legal observers expect the Supreme Court to weigh in.Nevada gambling regulators sued the prediction markets company Kalshi on Tuesday, saying the platform's rapid growth forced the…
Nevada Sues Kalshi After Appeals Court Greenlights Action - Invest In Crypto News
The US state of Nevada has sued Kalshi after the prediction market company lost its court challenge to stop the state’s regulator from taking action over its sports prediction markets. The US Court of Appeals for the Ninth Circuit on Tuesday denied Kalshi’s bid to stop Nevada’s gaming regulator from taking action on its sports event contracts, removing a block on the regulator launching a civil suit against the company. After the decision, the N…
Nevada’s Legal Clash with Financial Prediction Platform Intensifies
The post Nevada’s Legal Clash with Financial Prediction Platform Intensifies appeared on BitcoinEthereumNews.com. The legal conflict involving Kalshi, a significant player in the financial prediction market, has been intensified by Nevada’s regulatory agencies. Known for its innovative contracts linked to sports outcomes, Kalshi is facing serious legal challenges, escalating concerns over its operations. Continue Reading:Nevada’s Legal Clash wit…
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