Regulators Say State Removing Illegally Operating Kalshi Market
Kalshi agreed to geofence Nevada users after investigators kept entering banned contracts, with a $120,000 daily penalty if it misses the Aug. 12 deadline.
- On Friday, the Nevada Gaming Control Board announced an agreement with New York-based Kalshi to stop writing prohibited contracts by Aug. 12, or face a $120,000 daily penalty.
- The Control Board and Kalshi have been battling in court for 17 months since March 2025, when regulators stated the company was operating an online wagering business without a state license.
- Despite a court order, investigators repeatedly accessed prohibited contracts on Kalshi's platform. The company agreed to implement a robust, multisource GPS solution to prevent access within Nevada.
- While Kalshi admitted to violations in the settlement, the company said it will continue defending its position in court, claiming exclusive federal jurisdiction over prediction markets.
- Last week, two Nevada delegates to the House introduced legislation to ban sports and election contracts on prediction markets. The State contends illegal markets avoid the 6.75 percent tax on gaming revenue.
13 Articles
13 Articles
Kalshi Michigan Sports Contracts Spark Federal-State Regulatory Collision
Kalshi’s Michigan sports contracts have landed the prediction market platform in a jurisdictional trap: the Commodity Futures Trading Commission (CFTC) ordered it on 14 July to keep operating in the state, even after Kalshi had already unwound trades to comply with a Michigan court ruling that went the other way. The standoff matters beyond one state. A Cherokee Nation comment submitted to the CFTC puts approximately 90% of Kalshi’s revenue in s…
Las Vegas Review-Journal
Regulators say state removing illegally operating Kalshi market
The Nevada Gaming Control Board announced that it had reached an agreement to remove illegal Kalshi betting props, but the New York-based company remains firm it will battle the state in court.
Judge rejects Kalshi emergency appeal bid over New York contracts fight
Kalshi has lost its latest attempt to stop New York regulators from enforcing state gaming laws while the company appeals an earlier court setback. In an order issued on Monday (July 27), U.S. District Judge Analisa Torres refused Kalshi’s request for an emergency injunction pending appeal and also denied its alternative request for short-term administrative relief. That means the court’s earlier decision refusing a preliminary injunction agains…
Nevada Regulators Removing Illegally Operating Kalshi Market
Nevada Regulators Removing Illegally Operating Kalshi Market In a July 24 press release, the Nevada Gaming Control Board announced an agreement with Kalshi to stop Kalshi’s unlawful operation in Nevada – including penalties if the company fails to comply. Kalshi must implement a solution to prevent “offering or facilitating contracts on sports, election or entertainment-related events” in the state. If Kalshi fails to comply by August 12, they f…
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