Polymarket’s Name Dispute and Kalshi’s First Geofence Loss
Polymarket opened its pop-up bar, The Situation Room, on Friday. The bar will feature popular markets on news events, X feeds, and other tools that encourage the platform’s use.
However, PR firm Global Situation Room has sent Polymarket a cease-and-desist letter telling the exchange to change its name. The PR firm has received media inquiries about Polymarket’s Situation Room opening. In an emailed statement to Prediction News, President and CEO of Global Situation Room, Brett Bruen, wrote:
“We wouldn’t have concerns if a bar opened up and called itself the Situation Room – I might even stop by for a drink. But, where they tread into our trademark territory is saying come to our place, called the Situation Room to follow global situations and make business, investment decisions. We have a real situation room where help clients navigate a wide range of issues and their implications for businesses and investors.”
Global Situation Room’s cease-and-desist letter gave Polymarket until Thursday to comply.
Polymarket did not respond to a request for comment.
Kalshi’s first geofence order
Kalshi faced its greatest setback yet in state court on Friday.
Nevada’s State Court in Carson City issued a temporary restraining order (TRO) against Kalshi after successfully remanding Kalshi’s case from federal to state court. The TRO will remain in effect until April 3, when Carson City will hold its preliminary injunction hearing.
BREAKING: Nevada state court issues TRO barring Kalshi from offering event-based contracts relating to sports, politics and entertainment to people within Nevada without first obtaining all required licenses. TRO remains in effect for 14 days pending hearing on PI motion. pic.twitter.com/IUOYT8VEA3
— Daniel Wallach (@WALLACHLEGAL) March 20, 2026
Nevada is the second state court to rule against Kalshi but the first to successfully geofence it. Kalshi’s case in Massachusetts state court was an initial loss, but has since been appealed to the state supreme court.
Lawsuits the cost of doing business
Kalshi announced a $1 billion raise coming off a $22 billion valuation on Thursday. Kalshi’s annualized revenue is reportedly $1.5 billion, and the funding round was led by Coatue Management.
Kalshi’s previous raise was in December, when it was valued at $11 billion. The large growth shows how much enthusiasm investors have despite legal challenges from state gaming regulators and attorneys general.
While Kalshi’s legal expenses are not public information, they are unlikely to outweigh the revenue gained from full access to the American market, especially through its sports and election markets. State lawsuits have become a cost of doing business rather than a hindrance to most of Kalshi’s national operations.