Kalshi faces 14-day shutdown in Nevada over gambling laws

Kalshi, a prediction market company, is facing a 14-day ban in Nevada after a state judge issued a temporary restraining order. Nevada regulators claim that Kalshi’s event contracts violate gambling laws. The company argues that its activities fall under federal regulation but the court ruling supports Nevada’s stance. Kalshi is also fighting legal battles in other states including Arizona and Massachusetts. Nevada Gaming Control Board Chair Mike Dreitzer emphasized the state’s responsibility to protect the public from illegal gambling facilitated by prediction markets.