Nevada judge extends ban on Kalshi, rejects event contract defense

A Nevada judge has extended a ban on Kalshi, a prediction market platform, ruling against its defense that event contracts do not constitute illegal gambling. The judge emphasized that the contracts offered by Kalshi are akin to gambling, which violates state law. This decision follows a previous ruling that deemed Kalshi's contracts as not permissible under Nevada's gaming regulations. The extension of the ban raises concerns about the future of prediction markets in the state and their regulatory status. Kalshi plans to appeal the ruling, asserting that their platform operates within legal boundaries.

Read the full article: Coin Telegraph