A Nevada judge has blocked Kalshi from offering sports event contracts in the state for two weeks following the Nevada Gaming Control Board (NGCB)’s request for a temporary restraining order (TRO).
The ruling, which came into effect on 20 March, means Kalshi is unable to offer “sports, election and entertainment-related contracts” for 14 days.
Carson City District Court Judge Woodbury wrote in his ruling: “The balance of hardships and public interest in maintaining meaningful control over Nevada’s gaming industry for the purpose of ensuring its integrity strongly supports issuance of the temporary restraining order.”
Welcoming the decision, the NCGB said: “The board has taken decisive action in recent months to halt the operations of other prediction markets in the state.
“With the decision, the board has successfully restricted the operation of all unlicensed prediction markets that had been known to be operating in Nevada.”
The legal battle between Kalshi and Nevada’s regulators began last year when the latter sent a cease-and-desist letter, to which the prediction markets platform responded with a federal lawsuit.
An injunction was granted to Kalshi, allowing the platform to remain online in Nevada during court proceedings.
This was later dissolved by federal judge Andrew Gordon. Kalshi filed an emergency motion for a stay pending appeal, which was denied.
Then in February this year, Attorney General Aaron Ford sought a civil suit against the firm, repeating the assertion that Kalshi is offering sports wagering with no licence.
The NGCB also filed an ex parte application – a legal proceeding where one party seeks urgent court relief without notifying the opposing party – for a TRO, expiring on 3 April, at which point a hearing on a permanent injunction will take place.
Arizona became the first state to file criminal charges against Kalshi last Wednesday, in a mixed week for Kalshi which also included a fresh $22bn valuation.
The post Kalshi temporarily blocked in Nevada for 14 days first appeared on EGR Intel.
Silver State is also seeking a permanent injunction against the prediction markets platform, which will be heard on 3 April
The post Kalshi temporarily blocked in Nevada for 14 days first appeared on EGR Intel.