Nevada Judge Blocks Kalshi from Sports Betting Operations

State regulators say prediction markets are illegal gambling without proper oversight

Mar. 21, 2026 at 7:03pm

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A Nevada judge issued a temporary restraining order on Friday to stop Kalshi, a major player in the prediction markets, from operating in the state. State gaming regulators say Kalshi's 'futures trading' is just a smokescreen for unlicensed sports betting that must adhere to Nevada's regulations. The situation raises concerns about the integrity of sports betting in the state and the need for proper oversight of prediction markets.

Why it matters

Nevada is taking a strong stance to protect its regulated sports betting market and ensure consumer protection. This case highlights the ongoing debate around the legality of prediction markets and their potential to circumvent state gambling laws if left unchecked.

The details

The Nevada Gaming Control Board filed for the temporary restraining order, arguing that Kalshi's prediction market operations are 'illegal in Nevada' and that the company lacks the proper licensing and oversight required for sports betting in the state. Earlier this week, Arizona also filed criminal charges against Kalshi. Nevada officials say prediction markets like Kalshi's pose risks of abuse and damage to the integrity of sports betting.

  • The temporary restraining order was issued on Friday, March 21, 2026.
  • In early February 2026, Nevada officials filed for an injunction to stop Coinbase from offering event contracts through its app in the state.

The players

Kalshi

A major player in the prediction markets that Nevada regulators say is operating illegal sports betting in the state without the proper licensing and oversight.

Nevada Gaming Control Board

The state regulatory agency that filed for the temporary restraining order against Kalshi, arguing that its prediction market operations constitute illegal gambling in Nevada.

Mike Dreitzer

Chairman of the Nevada Gaming Control Board, who stated that 'prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada.'

Bill Miller

President and CEO of the American Gaming Association, who supported Nevada's action against Kalshi in a social media post.

Dina Titus

A U.S. Representative from Nevada who introduced federal legislation after reports that Kalshi had $871 million in Super Bowl event contracts, stating that 'prediction markets should not be able to circumvent state gaming laws.'

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What they’re saying

“Prediction markets should not be able to circumvent state gaming laws. Consumers deserve transparency, accountability, and protection against such predatory practices.”

— Dina Titus, U.S. Representative, Nevada

What’s next

The judge in the case will decide whether to make the temporary restraining order against Kalshi permanent.

The takeaway

This case highlights the ongoing tension between prediction markets and state gambling regulations, as well as the need for clear federal oversight and consumer protections in this emerging industry. Nevada is taking a firm stance to uphold its laws and protect the integrity of its regulated sports betting market.