A Nevada court has issued a 14-day restraining order against Kalshi, halting its event contracts in the state amid an ongoing legal dispute. The First Judicial District Court of Nevada barred the company from offering sports, entertainment, and election-related bets while the Nevada Gaming Control Board seeks to regulate the unlicensed platform.
Kalshi argues that the case should move to federal court, citing 'imminent harm' from state actions. However, the court determined that Kalshi obstructs the board’s statutory functions. A follow-up hearing is set for April 3. Meanwhile, U.S. Commodity Futures Trading Commission Chairman Mike Selig asserts federal authority over prediction markets, challenging state jurisdiction. Major League Baseball recently aligned with the CFTC on oversight.
In related developments, Arizona's attorney general charged Kalshi with illegal gambling activities earlier this week, underscoring the broader regulatory challenges facing the company.