Federal appeals court panel gives Nevada a win in its fight to regulate prediction market Kalshi

A federal appeals court panel ruled on Friday that prediction market operator Kalshi cannot resume trading on sports and election events in Nevada while legal proceedings continue. The court’s decision supports Nevada state officials, who maintain that Kalshi must obtain a state gambling license before offering such contracts to residents. The company had sought to restart its operations in the state during the ongoing litigation regarding regulatory oversight.

The ruling reinforces the authority of state-level gambling regulators over prediction markets that offer contracts based on sports outcomes. By denying Kalshi's request to resume trading, the court has effectively upheld the state's requirement that the platform comply with local licensing mandates while the broader dispute over the nature of these financial products remains unresolved.