Nevada can ban the prediction market platform Kalshi from operating in the state, the 9th U.S. Circuit Court of Appeals ruled Friday.
In March 2025, the Nevada Gaming Control Board sent a cease-and-desist letter to Kalshi, arguing that the company operated a sports betting platform in the state, in violation of Nevada gaming regulations.
Kalshi disagreed, characterizing itself as a “designated contract market” (DCM) that offers legal sports event contracts, or “swaps.” Nonetheless, its own marketing copy advertised Kalshi as “the first app for legal sports betting in all 50 states,” according to the ruling.
New York sues Kalshi, claiming it’s ‘unlicensed gambling’
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