The Nevada Gaming Control Board (NGCB) has ordered Kalshi to stop providing sports and election markets in the state because it lacks a license. According to the board, event-based contracts on sports and elections are not allowed in Nevada without the permission of the Nevada Gaming Commission.
Kalshi has been trading under the Commodity Futures Trading Commission (CFTC) for over four years. The site has already fought and won a court fight with the CFTC to launch election betting markets and has more recently moved into sports betting, providing contracts for significant events like the Super Bowl. However, Nevada regulators argue that sports betting must go through a strict licensing process before it can be provided in the state.
The NGCB clarified that all Nevada sports pools are subject to stringent regulatory obligations, such as licensing examinations, adherence to gaming regulations, and payment of relevant taxes and fees. The board cautioned that efforts to circumvent the state’s regulatory jurisdiction would be met with criminal and civil sanctions.
“Every sports pool in Nevada must undergo an extensive investigation prior to licensing, must adhere to strict regulation once licensed, and must pay all applicable taxes and fees. Any unlawful attempts to circumvent Nevada’s right to regulate gaming activity within its borders will be met with the full force of criminal and civil penalties,” said Nevada Gaming Control Board Chairman, Kirk Hendrick.
Kalshi has 10 days to act on the cease-and-desist order, which it served on March 4. Currently, its site lists markets on the NBA Championship, March Madness, and the Champions League.
Nevada Regulator Directs Kalshi to Close Sports and Election Prediction Markets
March 6, 2025