A troika of prediction market announcements last week was the latest example of the warp-speed expansion across the U.S. and into Nevada, coupled with the snail’s pace of nearly two dozen lawsuits between the businesses and gaming regulators.
Industry leaders and analysts view the back-and-forth legal filings as detrimental to the regulated sports betting industry.
On Oct. 21, sports betting giant DraftKings announced it was buying prediction market business Railbird Exchange. A day later, Kalshi and Polymarket signed licensing agreements with the National Hockey League.
But those deals were overshadowed Friday afternoon when the Nevada Gaming Control Board said Crypto.com had agreed not to offer sports event contracts in the state until its lawsuit with the regulators is resolved.
