Nevada reaches agreement with Kalshi to halt wagers by Aug. 12 or face $120,000 daily fine
The Nevada Gaming Control Board reached an agreement with Kalshi requiring the prediction market platform to stop accepting wagers in Nevada by Aug. 12 or face a $120,000 daily penalty. The board called Kalshi's activity unauthorized gaming. The settlement covers sports and other prohibited event contracts. A Nevada court had previously ordered Kalshi to stop offering covered event contracts, and Kalshi allegedly violated that order.
Each state settlement or court loss erodes Kalshi's argument that CFTC registration shields it locally. The Nevada deal adds a fourth state front to the pattern, alongside the New York, Michigan, and Washington defeats. Traders holding contracts they understood as federally backed now face geofencing risk in multiple jurisdictions simultaneously.
For Polymarket, the identical exposure means every state win against Kalshi previews its own legal trajectory. The Second Circuit appeal is where both platforms bet on restoring a single federal shield, but that court may not rule before more states act. Kalshi's response window compresses with each new front.