A Nevada judge on Friday extended a ban on prediction market operator Kalshi from offering event-based contracts that would allow the state’s residents to place bets on sports and other matters without the company obtaining a gaming license.
Judge Jason Woodbury at the end of a court hearing in Carson City said he would issue a preliminary injunction sought by the Nevada Gaming Control Board that will bar Kalshi from offering such contracts in the state without a gambling license.
A lawyer for New York-based Kalshi argued that such contracts constitute “swaps” that fall under the U.S. Commodity Futures Trading Commission’s exclusive jurisdiction, a position the agency has likewise adopted in related litigation.
