On Friday, Nevada judge Jason Woodbury moved to block prediction market platform Kalshi from offering event-based contracts in the state, siding with regulators who argue the products amount to illegal gambling.
Nevada Judge Extends Ban On Kalshi
At a hearing in Carson City, Woodbury said he would grant a preliminary injunction requested by the Nevada Gaming Control Board, preventing the company from operating without a proper gaming license, Reuters reported.
Court Rejects Financial Product Argument
Kalshi, based in New York, has argued that its contracts — which allow users to trade on outcomes like sports games and elections — are financial instruments regulated by the Commodity Futures Trading Commission.
However, the judge dismissed that distinction, noting that purchasing such contracts …Full story available on Benzinga.com
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