CandleFocus Trump Jr-backed predictions market, Kalshi receives Nevada gaming board notice
2025-03-06
Author: Content Editor
Nevada has become the first state in the US to challenge prediction markets offered by platforms like Kalshi, Crypto.com, and Polymarket. The Nevada Gaming Control Board has ordered Kalshi to stop offering derivatives trading on professional and college sports to users in the state. Unlike state-regulated sportsbooks, prediction markets are regulated by the Commodity Futures Trading Commission (CFTC), allowing them to sidestep state rules and regulations. Nevada issued a cease-and-desist order to Kalshi, stating that its contracts violated state rules for sports pools. Kalshi has 10 days to comply with the order, and non-compliance could result in penalties. Nevada's action sets a precedent for other states to follow. Kalshi has processed millions in sports contracts, particularly during the Super Bowl, and has expanded beyond football to other sports. The CFTC has requested additional information from companies and plans to hold a panel to discuss event contracts regulation. Kalshi remains operational in Nevada, expressing disappointment in the assessment and stating its commitment to regulation. The outcome of the CFTC's review will determine the legality of sports-event contracts. The involvement of figures like Donald Trump Jr. and former CFTC commissioner Brian Quintenz may influence the outcome. The situation is still developing, and the CFTC will decide whether sports-event contracts are lawful federally.
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