Nevada issues temporary ban on prediction market platform Kalshi, halting sports and political contracts for 14 days. A state judge sided with the Nevada Gaming Control Board, citing unlicensed gambling concerns.
Kalshi argues its products are federally regulated event contracts. CFTC Chair Mike Selig supports the firm, calling state criminal charges inappropriate. A preliminary injunction hearing is set for April 3.
The $22 billion valued company faces similar challenges in Massachusetts and Arizona. This ruling underscores a growing jurisdictional clash between state gaming authorities and federal regulators over the future of prediction markets.