Kalshi Hit With Nevada Ban As Judge Says Sports And Election Contracts Amount To Illegal Gambling Activit
By Ananya Gairola
Published on April 4, 2026.
A Nevada judge has ruled that prediction market platform Kalshi's event-based contracts, which allow users to trade on outcomes like sports games and elections, constitute illegal gambling. The judge granted a preliminary injunction to prevent the company from operating without a proper gaming license and extended it beyond mid-April. This decision comes amidst a legal dispute over whether prediction markets fall under state gambling laws or federal financial regulation. The case is part of a larger conflict between states and federal authorities, with the CFTC challenging multiple states' attempts to regulate such platforms.
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