"Judge Jason Woodbury ruled that the event contracts offered by Kalshi constitute unlicensed gambling, effectively barring the platform from offering sports, entertainment, and election-related contracts to Nevada residents."
"The Nevada Gaming Control Board successfully argued that event contracts require a state gaming license, leading to the court's decision to extend the temporary restraining order against Kalshi."
"Kalshi must implement mandatory geofencing by May 4, 2026, to block all Nevada-based participants, as the court noted that purchasing a contract tied to a game outcome is indistinguishable from placing a wager."
"Tarek Mansour, CEO of Kalshi, expressed disappointment in the court's decision but emphasized the company's commitment to working with regulators to find a path forward."
A Nevada judge extended a ban on Kalshi, ruling its event contracts are unlicensed gambling. The Nevada Gaming Control Board argued that these contracts require a state gaming license. Judge Jason Woodbury's ruling prohibits Kalshi from offering contracts to Nevada residents and mandates geofencing by May 4, 2026. The court rejected Kalshi's claim that its products are swaps under CFTC jurisdiction. Kalshi plans to appeal the decision while facing similar legal challenges in other states, including Arizona.
Read at news.bitcoin.com
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