Nevada Judge Bars Kalshi Contracts Without Gaming License as 38 States Push Prediction-Market Oversight
Updated
Updated · KRNV · May 13
Nevada Judge Bars Kalshi Contracts Without Gaming License as 38 States Push Prediction-Market Oversight
13 articles · Updated · KRNV · May 13
April's Nevada court order made the state the only one with an active, court-enforced ban on Kalshi, blocking its sports, elections and entertainment contracts unless it gets a gaming license.
Judge Jason Woodbury said buying Kalshi's event-based contracts is "indistinguishable" from placing a bet, rejecting the company's view that it operates a financial market rather than a sportsbook.
5.1 million daily active users now use Kalshi, up from 600,000 at the start of 2025, underscoring how quickly prediction markets have expanded as an alternative to traditional sports wagering.
38 states have argued they should regulate prediction markets under gambling laws, while the CFTC backs the platforms as financial instruments; the fight could reach the Supreme Court or be reshaped by federal and state legislation.
With federal and state laws in conflict, will the Supreme Court decide the future of prediction markets?
Can regulators stop insiders from profiting on booming markets for political and military events?
Are prediction markets a revolutionary financial tool or simply a new, unregulated form of digital gambling?