Nevada Judge Temporarily Bars Kalshi From Offering Event Contracts in State

A Nevada judge has temporarily blocked prediction-market platform Kalshi from operating in the state, delivering an early win to gaming regulators seeking to rein in the company's event-contract business. District Judge Jason Woodbury issued a temporary restraining order that prevents Kalshi from offering contracts to Nevada residents without a state license. Reuters said the order applies to contracts tied to sports, elections and entertainment. Nevada regulators argue the platform is effectively running an unlicensed sports pool. Kalshi maintains its markets fall under federal oversight through the Commodity Futures Trading Commission, but the court did not accept that position at this stage and said Nevada may enforce its gaming laws while the case proceeds. The dispute has been building for months. In February, the Nevada Gaming Control Board filed suit to stop Kalshi from offering sports-related event contracts in the state, saying the products meet Nevada's definition of gambling activity that requires a license. The state asked for fast relief ahead of a final ruling, and the judge granted the temporary block. While not a final decision, the order immediately limits Kalshi's ability to operate in Nevada. The Nevada action comes as Kalshi faces mounting challenges elsewhere. Reuters reported the company is under pressure in Massachusetts, where a judge issued an injunction, and in Arizona, where authorities filed criminal charges alleging an illegal gambling business. The Associated Press said Arizona brought 20 criminal charges. The clash is emerging as a broader test of whether sports, election and entertainment event contracts will be treated as federally regulated financial derivatives or as gambling subject to state law. Nevada's next key court date is April 3, when the judge is set to consider whether to impose a longer-term injunction. Until then, Kalshi remains blocked in the state.