Crypto.com has been ordered to cease offering sports event contracts in Nevada following a federal ruling that denied its request for a preliminary injunction against the Nevada Gaming Control Board (NGCB).
The US District Court for Nevada, under Judge Andrew P Gordon, denied the motion on October 14 2025, marking a setback in Crypto.com's legal challenge against the Board's cease-and-desist order.
The company has indicated its intent to appeal the decision but will comply with the suspension while the case is ongoing.
According to a public notice (No. 2025-85) issued by the NGCB, Crypto.com will stop holding open positions or permitting new contracts related to sports events for Nevada residents after 3 November 2025.
The Board stated that the move aligns with its statutory responsibility "to protect the safety, morals, good order and general welfare of the inhabitants of the State and to foster the stability and success of gaming."
The NGCB reaffirmed that offering event contracts tied to sports, esports, political outcomes or entertainment awards constitutes "wagering activity".
In its notice, the Board reminded licensees that any entity offering such contracts without proper authorisation may face disciplinary action under NRS 463.720 and NGC Regulation 5.011.
It also warned that partnerships with unlicensed operators in other jurisdictions could jeopardise a licensee's suitability.
Crypto.com's involvement in event-based prediction markets began earlier this year through a collaboration with US fantasy and sports operator Underdog. That deal allowed users to "trade opinions" on sports outcomes via federally regulated channels under the Commodity Futures Trading Commission (CFTC).
The NGCB's latest stance, however, underscores Nevada's stricter interpretation of sports event contracts as gambling products, even when offered through CFTC-registered exchanges.
Crypto.com's case represents one of several recent disputes over the regulatory boundaries of prediction markets in the US gaming sector, as state-level authorities increasingly scrutinize new wagering models that blur lines between trading and betting.
Good to know: Under Nevada law, wagering activity requires a non-restricted gaming license with sports pool approval
