Nevada Court Rules Kalshi Event Contracts Align With Gambling Laws
Bitcoin News
A Nevada court ruled Kalshi's event contracts are considered illegal gambling, extending a ban and requiring geofencing for Nevada residents.Summary
A Nevada judge has ruled that event contracts offered by Kalshi, a New York-based prediction market, constitute unlicensed gambling. Judge Jason Woodbury extended a preliminary injunction against Kalshi, agreeing with the Nevada Gaming Control Board that these contracts require a state gaming license. The court dismissed Kalshi’s claim that its contracts are “swaps” regulated by the CFTC, finding them functionally equivalent to wagers at a sportsbook. Kalshi is now mandated to implement geofencing by May 4, 2026, to block Nevada residents from accessing its platform and intends to appeal the decision. The company is also facing legal challenges in other states, including Arizona.
(Source：Bitcoin News)