"The Court has ordered Kalshi to immediately stop its unlicensed gaming activities, as the Nevada Gaming Control Board argued that Kalshi's offerings amount to unlicensed wagering under state law."
"Chairman Mike Dreitzer challenged Kalshi's claims of legality, stating, 'Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true.'"
"Kalshi attempted to shift the legal fight into federal jurisdiction, but a federal judge sent the case back to state court, indicating a complex legal path ahead."
"Kalshi notified its Nevada users about the changes, stating that 'due to a temporary court order,' affected markets would no longer be available."
A Nevada state judge issued a temporary restraining order against Kalshi, halting its contracts tied to sports, elections, and entertainment. The Nevada Gaming Control Board argued that these offerings constitute unlicensed wagering. The court's ruling follows a cease-and-desist letter sent to Kalshi for operating without proper authorization. Regulators assert that Kalshi's model violates state gambling laws, requiring licensed operators. Kalshi has contested the legality of its operations, claiming legality in all 50 states, which regulators dispute. The legal battle is expected to continue as Kalshi seeks federal jurisdiction.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]