Nevada judge upholds ban on Kalshi prediction market platform operating in the state

First Judicial District Court Judge Jason Woodbury granted a preliminary injunction requested by the Nevada Gaming Control Board, blocking prediction market platform Kalshi from operating in Nevada without a gaming license. The judge ruled that Kalshi's event-based contracts are indistinguishable from traditional sports betting, rejecting the company's argument that its offerings are federal financial instruments. Kalshi plans to appeal the decision as it fights similar legal battles nationwide over whether prediction markets constitute gambling or federally regulated trading.