Nevada judge extends Kalshi ban, calls sports contracts ‘indistinguishable’ from gambling

A Nevada state court judge extended a ban on prediction market operator Kalshi on Friday, finding that buying contracts on games through Kalshi is “indistinguishable” from placing bets on licensed gaming platforms. This extension follows a temporary restraining order granted on March 20th. Kalshi argues its contracts are regulated swaps under the CFTC, but the judge disagreed. Nevada is now the only state with an active court-enforced ban against Kalshi, which is at the center of a legal dispute over whether prediction markets are financial instruments or gambling. Concurrent legal developments include arguments heard in Arizona regarding criminal charges against Kalshi, and a CFTC lawsuit against Arizona, Connecticut, and Illinois asserting federal jurisdiction. While some courts have sided with Kalshi, rulings in Ohio, Maryland, and now Nevada have gone against the company, with the dispute potentially heading to the Supreme Court.

(Source：The Block)