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Crypto.com will cease offering sports event contracts in Nevada after a judge denied its request for a preliminary injunction.
Last Friday(Oct 24), Nevada Gaming Control Board (NGCB) Chairman Mike Dreitzer informed licensees about the decision just ten days after US District Court Judge Andrew Gordon rejected Crypto.com’s motion. This ruling would have allowed the platform to continue its sports contracts while the case progressed through the courts.
Dreitzer noted that Crypto.com plans to appeal this decision, but for now, the company will pause its sports offerings in Nevada.
Nevada Independent’s Howard Stutz reported the update, with Dreitzer stating:
“The Board has confirmed that after Nov. 3, 2025, and until the resolution of its appeal, Crypto.com will not be offering sports event contracts to Nevada residents. That means Crypto.com will no longer hold open positions in sports event contracts for Nevada residents and will not permit new contracts to be opened.”
The NGCB also used the notice as another opportunity to remind stakeholders of its stance, emphasizing that event contracts related to sports and political elections are considered wagering in the state.
Crypto.com loses despite Kalshi’s win
This year, Crypto.com took legal action against the Nevada Gaming Control Board (NGCB) after receiving a cease-and-desist order regarding its sports contracts.
The NGCB issued similar notices to other prediction markets, including Kalshi. While Gordon denied the operator’s motion, he had earlier granted Kalshi’s request for a preliminary injunction, allowing Kalshi to continue offering sports contracts in Nevada.
In its lawsuit, Crypto.com argued that federal oversight by the Commodity Futures Trading Commission (CFTC) should take precedence over state gaming regulations.
However, Judge Gordon ruled that Crypto.com’s sports contracts do not meet the definition of swaps under the Commodity Exchange Act (CEA). As a result, they fall under Nevada’s gaming regulations. In contrast, he noted that Kalshi’s operations could succeed under federal law, stating that the CEA supersedes state regulations.
Sportsbooks continue to receive warnings about event contracts
Drietzer also reiterated the board’s position on sports-related event contracts and gaming operators who partner with companies that offer these services. This stance was detailed in a memo sent to licenses on October 15, which clarified the board’s views on these contracts.
Other states have also issued warnings to their gaming operators regarding similar issues. In late August, the Ohio Casino Control Commission (OCCC) informed licensees that sports contracts qualify as unapproved sports betting. Participating sportsbooks could face the risk of losing their licenses as a result.
Following this, both the Arizona Department of Gaming and the Michigan Gaming Control Board cautioned all licensed operators about the potential consequences of being involved in sports event contracts, whether directly or indirectly.
Source: SBC Americas
