‘Illegal in Nevada’: Judge blocks Kalshi from dealing in sports betting in the state

LAS VEGAS (KLAS) — A temporary restraining order was issued on Friday to stop Kalshi, a major player in the prediction markets, from operating in Nevada.

State gaming regulators have said that “futures trading” by Kalshi and other companies is just a smokescreen for sports betting operations that must adhere to Nevada’s regulations, including the need for a license and reviews of executives’ suitability.

“Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true,” Mike Dreitzer, chairman of the Nevada Gaming Control Board, said in a Friday news release.

“Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public. We want people in the state to wager safely at a licensed book.”

Kalshi and the prediction markets don’t have the same oversight at the federal level that they would as licensed operators in Nevada and other states. The situation opens the door for abuses that could damage........

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