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Ninth Circuit Rules Against Kalshi in Nevada Gambling Dispute
The Ninth Circuit Court of Appeals has denied an emergency bid by Kalshi to halt Nevada’s enforcement actions, clearing the way for the state to crack down on the prediction-market platform.
The ruling allows Nevada regulators to pursue civil enforcement that could effectively ban Kalshi’s operations within state lines.
At the heart of the battle is a jurisdictional "identity crisis": Kalshi argues its contracts are federally regulated commodities, while Nevada officials categorize them as illegal gambling under state law.
This decision marks a significant setback for the platform as it struggles to navigate the fragmented legal landscape of U.S. betting and financial markets.