Nevada Judge Issues Injunction Against Kalshi Over Gambling

A Nevada state court judge on Friday extended a temporary restraining order against prediction market platform Kalshi, granting a preliminary injunction that bars the company from offering event-based contracts to residents without a state gaming license. The ruling, issued by Judge Jason Woodbury of the First Judicial District Court in Carson City, classifies Kalshi's products as indistinguishable from traditional gambling activities under Nevada law.

The decision builds on an initial temporary restraining order issued on March 20, which prohibited Kalshi from allowing Nevada users to trade contracts tied to sports, elections, and entertainment outcomes. Woodbury extended the order by two weeks, through April 17, to finalize the injunction's language. During the hearing, the judge stated that purchasing a contract on a baseball game through Kalshi was "indistinguishable" from placing a bet on a state-licensed gaming platform. He added, "No matter how you slice it, that conduct is indistinguishable," aligning with arguments from the Nevada Gaming Control Board that the platform's offerings violate state gaming statutes.

Kalshi, based in New York, maintains that its contracts...