- Kalshi has received more time from the Nevada Gaming Control Board to deal with a cease-and-desist notice
- Kalshi had until March 14, 2025, to cease operations in the state
- The Nevada Gaming Control Board issued a cease-and-desist notice to Kalshi in March
Kalshi will receive at least a little more time to decide what’s in store for its future in Nevada.
The Nevada Gaming Control Board (NGCB) announced Kalshi requested a “limited period of additional time” to address the board’s cease-and-desist order to stop operations in the state.
The gaming control board did not object to Kalshi’s request.
New Deadline Unknown
The NGCB announced on Friday, March 14, that it agreed to provide Kalshi with additional time to address its cease-and-desist order in the Silver State. The board issued the cease-and-desist to the regulated exchange and prediction market company on March 4 and set a deadline of Friday, March 14, to halt operations.
The NGCB posted the following statement to its social media channels on the deadline:
“Regarding the cease and desist order sent to KalshiEX LLC, dba Kalshi, on March 4, 2025, the Nevada Gaming Control Board was recently contacted by outside counsel representing Kalshi. The company’s counsel requested, and the NGCB did not object to, a limited period of additional time for Kalshi to address the NGCB’s order. Further details will be provided when available.”
It’s unknow how much additional time Kalshi has been provided by the NGCB.
Sports Event, Election Contracts at Heart of Issue
The NGCB has taken issue with Kalshi offering sports event and election prediction contracts within state borders. The NGCB believes Kalshi is violating numerous Nevada Revised Statutes and Nevada Gaming Commission Regulations by offering the sports event contracts.
According to the order, Kalshi’s event-based contracts for sports and elections is “unlawful in Nevada, unless and until approved as licensed gaming by the Nevada Gaming Commission.”
Additionally, the board informed Kalshi that even licensed sports pools in the state are prohibited from accepting wagers on elections.
“Every sports pool in Nevada must undergo an extensive investigation prior to licensing, must adhere to strict regulation once licensed, and must pay all applicable taxes and fees,” NGCB Chairman Kirk Hendrick said in a press release. “Any unlawful attempts to circumvent Nevada’s right to regulate gaming activity within its borders will be met with the full force of criminal and civil penalties.”
Kalshi, which is regulated by the Commodity Futures Trading Commission, jumped into the sports event trading contract game in late January.
According to the company’s CFTC filing, Kalshi customers can purchase contracts for anywhere from $0.01 and at most $0.99. For each correct contract the customers hold, they will receive $1 in return. Losing contracts obviously return nothing.
Kalshi, a prediction market platform, recently requested an extension of time in Nevada, and their request has been granted. This decision has significant implications for the company and the future of prediction markets in the state.
Prediction markets are platforms where users can place bets on the outcomes of various events, such as elections, sports games, or even the weather. These markets use the collective wisdom of the crowd to generate predictions that are often more accurate than those of individual experts.
Kalshi is one of the leading prediction market platforms in the United States, offering users the opportunity to bet on a wide range of events. The company’s request for an extension of time in Nevada indicates their commitment to expanding their presence in the state and providing users with more opportunities to participate in prediction markets.
The decision to grant Kalshi’s request for an extension of time in Nevada is a positive development for the company and for prediction markets as a whole. It demonstrates that regulators are recognizing the value and potential of these platforms, and are willing to work with companies like Kalshi to ensure their success.
In addition to benefiting Kalshi, this decision also has implications for users of prediction markets in Nevada. With more time to operate in the state, Kalshi will be able to offer a wider range of events for users to bet on, increasing the overall value and appeal of the platform.
Overall, the granting of Kalshi’s request for an extension of time in Nevada is a positive development for the company, for users of prediction markets in the state, and for the future of prediction markets as a whole. It demonstrates that these platforms are gaining recognition and acceptance from regulators, and are poised for continued growth and success in the years to come.
