US Court Rules Kalshi Cannot Block Nevada from Regulating Sports Betting

August 29 news, according to The Block, the U.S. Ninth Circuit Court of Appeals ruled that prediction market platform Kalshi failed to prove that federal regulations preempt Nevada's authority to regulate sports betting, and Kalshi is not entitled to an injunction. Previously, the Nevada Gaming Control Board issued a cease-and-desist notice to Kalshi, requiring it to stop offering contract trading involving elections and sports events in the state, and threatened to bring criminal or civil litigation. Subsequently, Kalshi sued the Gaming Control Board and the state, and sought a preliminary injunction in an attempt to block Nevada from regulating its trading of sports and election event contracts. The district court initially granted the injunction, but later lifted it following a ruling involving Crypto.com.