US state of Nevada regulators have moved to shut down Kalshi’s operations in the state. A court has now backed that action with a temporary restraining order. The Nevada Kalshi ban marks another step in the state’s approach to prediction markets.

• The First Judicial District Court in Nevada granted a temporary restraining order against Kalshi. The order requires the company to stop offering event-based contracts immediately. This includes sports, election and entertainment-related markets.
• Regulators said Kalshi had been operating without a Nevada gaming licence. The Nevada Gaming Control Board considers these contracts to fall under wagering activity. As a result, licensing is required under state law.
• The Board cited several breaches of Nevada statutes in its action. These include provisions under NRS 463 and NRS 465 relating to gaming operations. Authorities stated that Kalshi’s activities were unlawful within the state.
• Chairman Mike Dreitzer of the NEVADA GAMING CONTROL BOARD addressed claims made by Kalshi about legality. “Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true,” he said. He added that regulators have a duty to protect consumers.

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