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Nevada has kept Kalshi out of the market for now. A judge extended the existing ban and pointed toward a longer injunction, leaving the company unable to offer event outcome contracts in the state.
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A federal win elsewhere did not help Kalshi here. In Nevada, Judge Jason Woodbury kept the platform blocked and gave himself more time to prepare what Reuters said could become a permanent injunction.
At the center of the case is not a licensing technicality but a basic view of the product. Kalshi has argued that its event contracts fall under federal regulation and can be offered nationwide. Nevada regulators answered with a simpler point: people are still putting money on sports outcomes in the state without a Nevada sports betting license.
Woodbury agreed with the regulators, not with Kalshi. He said he could place a $100 bet on Kalshi in the same way he could at a licensed sportsbook. Then he put it even more directly.
“No matter how you slice it, that conduct is indistinguishable,” Woodbury said. “So I find based on the arguments that have been presented that it is a gaming activity that is prohibited for any non-licensee to engage in.”
That ruling leaves Kalshi with a clear problem in the Silver State. If the platform wants to operate there, it will need a gaming license. Nevada became the first state to legally stop Kalshi from operating, which gives the case extra weight as other states keep fighting over prediction markets and sports contracts.