Nevada court enjoins Kalshi from offering prohibited event contracts

Kalshi now faces simultaneous state-court losses on opposite ends of the country, each undermining its core defense that CFTC registration preempts state gambling law. The Nevada injunction is already active, while the Michigan ruling opens the door to a full state-court trial on the merits of its sports contracts. Each state victory gives attorneys general in Illinois, Minnesota, Kentucky, and New Mexico a fresh template for emergency blocking orders. Kalshi's legal team must now fight on dual fronts: defending the federal preemption theory in appellate arguments while containing damage in state trial courts that show no deference to CFTC authorization. The platform that cannot secure a federal injunction against state enforcement risks seeing its active state footprint shrink faster than any final preemption ruling can restore it.