9th Circuit Court of Appeals supports the state’s Gaming Control Board verdict on Kalshi
Nevada can now ban prediction market Kalshi from offering sports contracts in Nevada following a ruling by the 9th Circuit Court of Appeals, which agreed with the state’s Gaming Control Board verdict.
Due to a November federal judge ruling being appealed by Kalshi it was able to offer Super Bowl contracts to Nevada customers just a week ago.
The Nevada control board filed its first cease-and-desist order against Kalshi last March with 20 states following suit.
Jessica Whalen, chief deputy solicitor general for the attorney general’s office, said: “Its continued operation harms the state and the public every day and poses an existential threat to the state’s gaming industry. Kalshi has continued to dramatically expand its business, rather than attempting to maintain any kind of status quo.”
Nevada Control board Chairman Mike Dreitzer said: “The Nevada Gaming Control Board (Board) filed a civil enforcement action in the District Court for Carson City against Kalshi on Tuesday, Feb. 17. In its complaint, the Board asked the court for a declaration and injunction to stop Kalshi from offering unlicensed wagering in violation of Nevada law. Kalshi is a financial services company that operates a derivatives exchange and prediction market, which offers products referred to as event contracts for sale. These products are offered for sale on Kalshi’s website and mobile app, and are made available to people in Nevada. The Board considers offering sports event contracts, or certain other event contracts, to constitute wagering activity under NRS 463.0193 and 463.01962 and, therefore, entities offering such event contracts must be licensed.”
“The Board continues to vigorously fulfill its obligation to safeguard Nevada residents and gaming patrons, and uphold the integrity of a thriving gaming industry. Nevada’s public policy, as expressed by the Legislature, is that the gaming industry is vitally important to the economy of the state and the general welfare of the inhabitants and therefore must be licensed, controlled, and assisted to protect the public health, safety, morals, good order, and general welfare of the inhabitants of the state.”
The post Nevada moves a step closer to banning prediction market Kalshi appeared first on G3 Newswire.
9th Circuit Court of Appeals supports the state’s Gaming Control Board verdict on Kalshi Nevada can now ban prediction market Kalshi from offering sports contracts in Nevada following a ruling by the 9th Circuit Court of Appeals, which agreed with the state’s Gaming Control Board verdict. Due to a November federal judge ruling being appealed…
The post Nevada moves a step closer to banning prediction market Kalshi appeared first on G3 Newswire.