Kalshi Banned From Operating in Nevada for Now by Judge

A Nevada judge issued a temporary restraining order blocking Kalshi from operating its prediction market contracts in the state, citing lack of a gaming license. The ruling applies to sports, election, and entertainment contracts. District Court Judge Jason D. Woodbury signed the order Friday in Carson City, halting Kalshi’s operations for up to two weeks. The Nevada Gaming Control Board provided the court document. Kalshi, a prediction market platform, allows users to trade contracts on real-world events. Regulators argue its activities resemble unlicensed gambling, violating state gaming laws. A Kalshi spokesperson declined to comment on the ruling. The company has faced prior scrutiny over its business model’s legality in other jurisdictions. Legal expert Ian McGinley, a former CFTC enforcement director, discussed the case on Bloomberg, highlighting regulatory challenges for prediction markets. The dispute may set a precedent for similar platforms.