A Nevada judge has extended a ban on Kalshi, preventing the platform from offering event-based contracts in the state after ruling they constitute unlicensed gambling.
Judge Jason Woodbury granted a preliminary injunction requested by the Nevada Gaming Control Board, reinforcing a temporary restraining order issued on March 20 that remains in effect through April 17.
“No matter how you slice it, that conduct is indistinguishable,”
Said Judge Jason Woodbury, rejecting Kalshi’s argument that its contracts differ from traditional sports betting.
Kalshi, a New York-based prediction market platform, had argued that its contracts are financial derivatives or “swaps” regulated exclusively by the Commodity Futures Trading Commission.
The court disagreed, finding that trading contracts tied to event outcomes such as sports or elections mirrors placing bets through licensed sportsbooks and therefore falls under Nevada gaming law.
The decision marks the first time a US state has secured an active court-enforced ban against Kalshi, signalling increasing regulatory scrutiny of prediction markets.
The ruling comes as the CFTC continues to assert federal authority over the sector, with officials warning they are prepared to defend their jurisdiction in court against state-level challenges.