Nevada Judge Orders Kalshi to Halt Operations for Two Weeks

A Nevada judge has issued a 14-day temporary restraining order against Kalshi, preventing it from operating in the state. The order follows a cease-and-desist order sent by state gaming regulators in March 2024, after the company began offering event contracts on sports.

The Nevada Gaming Control Board sent a cease-and-desist order to Kalshi in March 2024, after the company began offering event contracts on sports. “Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true,” Nevada Gaming Control Board Chairman Mike Dreitzer told the Nevada Independent. “Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public.”

Kalshi has not appealed the restraining order and would need the U.S. Supreme Court to intervene. Kalshi officials stated that Nevada is the only state with temporary restrictions in effect due to a court order. Florida Gov. Ron DeSantis expressed concerns about the prediction market industry taking market share from the Seminole Tribe, which operates sports wagering in the state. Kalshi has seen $3 billion in March Madness trading since entering the sports arena in March 2025.