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Nevada’s top gambling regulator is intensifying its confrontation with prediction-market operator KalshiEx after a federal judge cleared the way for state authorities to resume enforcement actions against companies offering unlicensed event-based wagering in the state. The development marks a significant turning point in a months-long legal standoff and underscores broader concerns inside Nevada about preserving its tightly controlled gaming ecosystem.
The Nevada Gaming Control Board (NGCB) announced that a federal judge has dissolved the preliminary injunction that had previously shielded KalshiEx from state enforcement. A separate request for similar protection by Robinhood was rejected, ending both companies’ attempts to use federal court orders to operate independently of Nevada’s gaming statutes.
Robinhood Retreats While Kalshi Holds Ground
Following the ruling, Nevada regulators revealed that Robinhood accepted an agreement “in principle” to halt the launch of new sports event contracts for Nevada customers while litigation continues. The move effectively deescalates the company’s legal exposure in the state.
Kalshi, however, has chosen a different path. Rather than temporarily suspending operations, the company is pursuing an emergency stay of the judge’s decision while it appeals. The NGCB signaled that it plans to aggressively oppose that effort and move forward with actions aimed at stopping what it describes as unlawful activity in Nevada. The divergence in strategy places Kalshi in the crosshairs of a regulatory battle it now faces largely alone.
Nevada Reinforces Its Position on Event Contracts
The dispute centers on whether certain event-based contracts—such as wagers tied to sports results, competitive events, or political outcomes—fall under Nevada’s definition of gambling. The NGCB reiterated its long-standing position that these contracts constitute wagering under state law, regardless of whether they are offered on exchanges overseen by federal commodities regulators.
The Board emphasized that only entities with full Nevada sports pool licensing may offer such contracts within the state, and only under systems that comply with Nevada’s stringent operational and account-management requirements. Event categories singled out by the Board include sports, the World Series of Poker, esports, the Oscars, and political elections.
Warning Shot to Nevada Licensees
Beyond the Kalshi and Robinhood disputes, regulators used the announcement to send a broader warning to Nevada’s licensed operators. The Board made clear that partnering with or facilitating companies offering unlicensed event contracts—whether in Nevada or in other states—could call into question a licensee’s character, integrity, and overall suitability to hold a Nevada gaming license.
This extends to operating in jurisdictions where event-contract offerings violate local laws or tribal gaming rights. Regulatory consequences may include disciplinary actions under the state’s gaming control statutes. The Board stressed that maintaining compliance across all jurisdictions is a core expectation of Nevada’s licensees.
What Comes Next
The dissolved injunction now opens a legal path for Nevada to resume enforcement measures against Kalshi, unless the company succeeds in securing a stay during its appeal. Meanwhile, the Board is signaling that it views the protection of Nevada’s gaming market—and its competitive framework—as central to its mission.
As the appeals process unfolds, Nevada regulators have committed to updating licensees on further developments. But the underlying message is unmistakable: any company seeking to introduce unlicensed event-based wagering, or any Nevada operator partnering with them, should expect heightened scrutiny in the months ahead.
