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Kalshi Banned From Operating in Nevada for Now by Judge - Bloomberg BusinessWeek
Mar 20, 2026 Latest Videos from Bloomberg Radio
Kalshi Inc. was temporarily barred by a judge from offering its prediction market contracts in Nevada, after state regulators said the company didn’t have a gaming license.
District Court Judge Jason D. Woodbury in Carson City signed a temporary restraining order Friday blocking Kalshi event contracts for sports, election and entertainment for as long as two weeks, according to a copy of the order provided by the Nevada Gaming Control Board. The judge set a hearing in the case for April 3.
“Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true,” Mike Dreitzer, chairman of the Nevada Gaming Control Board, said in a statement. “Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public. We want people in the state to wager safely at a licensed book.”
A spokesperson for Kalshi declined to comment.
The gaming control board had filed for a temporary restraining order in February in state court, and Kalshi was unable to get a federal court to block the enforcement action as it has in some legal fights in other states.
Nevada regulators also have been successful in securing temporary restraining orders against Polymarket, Robinhood, Crypto.com and Coinbase, preventing the companies from offering event contracts in the state.
The ban comes barely a day after Kalshi raised a $1 billion funding round that doubled its valuation to $22 billion. It also arrives at the onset of the annual National Collegiate Athletic Association basketball tournament, one of the most-active sports betting events of the year in the US. Sports-related contracts make up the majority of betting on Kalshi.
Prediction market operators have been locked in an ongoing dispute over whether they are subject to state gambling laws or only the US Commodity Futures Trading Commission.
The CFTC, which has championed prediction markets during President Trump’s second term, filed an amicus brief ahead of a consolidated hearing in the 9th Circuit Court of Appeals to address appeals from Kalshi, Robinhood and Crypto.com. Oral arguments in that case are set for April.
“Eventually this all has to get decided by the Supreme Court,” said Elliott Stein, senior litigation analyst for Bloomberg Intelligence. “This is just another example of the procedural morass that we’re in at this point.”
Earlier this week, Arizona filed criminal charges against Kalshi for operating an illegal gambling business.He speaks with Carol Massar and Tim Stenovec.
Kalshi Inc. was temporarily barred by a judge from offering its prediction market contracts in Nevada, after state regulators said the company didn’t have a gaming license.
District Court Judge Jason D. Woodbury in Carson City signed a temporary restraining order Friday blocking Kalshi event contracts for sports, election and entertainment for as long as two weeks, according to a copy of the order provided by the Nevada Gaming Control Board. The judge set a hearing in the case for April 3.
“Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true,” Mike Dreitzer, chairman of the Nevada Gaming Control Board, said in a statement. “Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public. We want people in the state to wager safely at a licensed book.”
A spokesperson for Kalshi declined to comment.
The gaming control board had filed for a temporary restraining order in February in state court, and Kalshi was unable to get a federal court to block the enforcement action as it has in some legal fights in other states.
Nevada regulators also have been successful in securing temporary restraining orders against Polymarket, Robinhood, Crypto.com and Coinbase, preventing the companies from offering event contracts in the state.
The ban comes barely a day after Kalshi raised a $1 billion funding round that doubled its valuation to $22 billion. It also arrives at the onset of the annual National Collegiate Athletic Association basketball tournament, one of the most-active sports betting events of the year in the US. Sports-related contracts make up the majority of betting on Kalshi.
Prediction market operators have been locked in an ongoing dispute over whether they are subject to state gambling laws or only the US Commodity Futures Trading Commission.
The CFTC, which has championed prediction markets during President Trump’s second term, filed an amicus brief ahead of a consolidated hearing in the 9th Circuit Court of Appeals to address appeals from Kalshi, Robinhood and Crypto.com. Oral arguments in that case are set for April.
“Eventually this all has to get decided by the Supreme Court,” said Elliott Stein, senior litigation analyst for Bloomberg Intelligence. “This is just another example of the procedural morass that we’re in at this point.”
Earlier this week, Arizona filed criminal charges against Kalshi for operating an illegal gambling business.He speaks with Carol Massar and Tim Stenovec.
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