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A Nevada court has handed state regulators a fresh win in the fight over prediction markets. Kalshi can no longer offer sports, election, and entertainment event contracts in Nevada under a temporary restraining order issued Friday, with a new court hearing already set for April 3.
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Kalshi took an early win in Nevada before, but that position has now flipped. Friday order blocks the company from offering or facilitating sports, election, and entertainment event contracts in the Silver State, giving Nevada regulators a stronger hand after months of legal fighting over whether those contracts amount to unlicensed wagering.
State regulators have argued all along that Kalshi is operating without the gaming license Nevada law requires. In the court order, Judge Jason Woodbury said the Nevada Gaming Control Board is reasonably likely to prevail, and Reuters reported that he found Kalshi event contracts tied to college basketball, pro football, and elections fit within a Nevada I
That matters because Kalshi has kept arguing a very different point. The company says federal oversight through the Commodity Futures Trading Commission puts its event contracts outside state gambling control. Nevada rejected that view, and the judge did too, at least for now, allowing the state case to keep moving.
Kalshi case also sits inside a wider state-by-state fight. Nevada already pushed other operators into state-specific limits. Court filings from the Nevada side said Crypto.com stopped offering sports contracts to Nevada residents, while Robinhood agreed to stop offering sports event contracts in the state pending appeal.