Nevada Gaming Board Orders Kalshi to Shut Down Sports Contracts

Nevada’s gambling regulator is asking Kalshi Inc. to stop offering derivatives trading on professional and college sports to people in the state by March 14.

The state is the first to challenge the rapid rise of sports-based “event contracts” offered by federally-regulated exchanges like Kalshi and Crypto.com, as well as unregulated platforms including Polymarket.

The sites have processed millions in sports contracts in recent months, since Kalshi and Crypto.com began offering products tied to the outcome of the Super Bowl. Unlike state-regulated online and in-person sports books, the prediction markets are regulated by the Commodity Futures Trading Commission, ...