U.S. Court Rules Kalshi Cannot Block Nevada from Regulating Sports Betting

Odaily News, the U.S. Ninth Circuit Court of Appeals stated that Kalshi failed to prove federal regulations preempt Nevada's authority to regulate sports betting, and therefore is not entitled to an injunction. Earlier, the Nevada Gaming Control Board had issued a cease-and-desist notice to Kalshi, requiring it to halt contract trading involving elections and sporting events in the state, while threatening civil or criminal legal action. Subsequently, Kalshi sued the Gaming Control Board and the State of Nevada, seeking a preliminary injunction to block the state from regulating its sports and election event contract trading. The district court initially granted the injunction, but later lifted it following a ruling involving Crypto.com.