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Nevada regulators have taken Coinbase to court, accusing the crypto giant of offering sports-style wagering in the state without a gaming licence.
The Nevada Gaming Control Board said it filed a civil enforcement action on 2 February 2026 in District Court for Carson City, naming Coinbase Financial Markets, Inc.. The Board is asking the court for a declaration and injunctive relief that would stop what it describes as unlicensed wagering being made available to Nevada residents through the Coinbase app.
Nevada’s core claim remains: event contracts amount to sports wagering
Nevada’s complaint focuses on “event contracts,” including sports-related contracts. The Board says these products operate like sports betting under Nevada law. Because of that, regulators say Coinbase must follow the same licensing and consumer-protection rules that apply to Nevada sportsbooks.
Chairman Mike Dreitzer said the Board brought the case to protect the public and the state’s regulated market.
“The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens,” Dreitzer said. “The action taken yesterday reinforces this obligation.”
Coinbase signals a fight over jurisdiction
Coinbase is already pushing back in public statements. In reports, Coinbase vice president of litigation Ryan VanGrack called the Board’s move a “state power grab” that Congress has prohibited.
The court filing comes as prediction-style contracts expand into more mainstream consumer channels, and it puts Nevada right back at the front of the national dispute over who gets to police these products. Coinbase’s prediction markets has been linked to a partnership with Kalshi, which operates under federal derivatives oversight.
Nevada regulators do not appear persuaded by the label, however. They argue the end result for a Nevada user is still a wager on a sports outcome, offered without Nevada approval.
Polymarket order gives Nevada early momentum in court
Nevada has moved quickly on similar products before. The Coinbase lawsuit follows the state’s recent action against Polymarket. In that case, Judge Jason D. Woodbury granted a 14-day temporary restraining order that blocked the platform from offering event contracts in Nevada. The court set a Feb. 11 hearing to decide whether to extend that block through a preliminary injunction.
That earlier order gives Nevada confidence going into the Coinbase fight, especially with major sports betting weeks on the calendar.
Federal oversight argument resurfaces as states push back
Prediction-market operators often point to the Commodity Futures Trading Commission and argue that federally regulated event contracts should not be carved up by state gaming enforcement. At the same time, federal officials have indicated they want clearer nationwide rules for event contracts, a shift that could reshape this debate but will not automatically stop state regulators from bringing cases in the short term.
For now, Nevada has made its message clear in court filings and public statements: sports-linked event contracts offered to Nevadans will be treated as betting, and betting in Nevada requires a licence.
Source: Yahoo Finance
