NGCB orders Kalshi to conclude its Nevada operations

The Nevada Gaming Control Board (NGCB) has announced that a deal has been struck with Kalshi to formally cease its operations within state borders. 

Indeed, the company has until August 12 to ‘definitively’ bring a halt to its operations in the state of Nevada. If Kalshi fails to meet this deadline, it will begin incurring financial penalties of $120,000 per day – paid to the NGCB – until the implementation is complete. 

Despite there being prior legal hostility between the NGCB and Kalshi, the prediction market operator has reportedly agreed to comply with this latest order and will begin implementing what the board has described as a “robust, multi-source geofencing solution provided by a third-party commercial provider.”  

This latest development follows the Nevada Supreme Court’s denial of Kalshi’s bid to circumvent geolocation measures, with the NGCB having submitted a request to hold Kalshi in contempt over the operator’s alleged failure to implement geofencing measures. Now, following an evidentiary hearing held on July 16, it would appear that Kalshi’s hand has been forced over the matter, particularly after the being found to be in violation of the court’s previous order to cease its operations in the market.  

Speaking on this latest development, NGCB Chairman Mike Dreitzer said: “The Court required Kalshi to stop offering covered event contracts in Nevada, and Kalshi violated that order. This agreement will ensure that Kalshi fully complies with Nevada law moving forward, or it will face stiff penalties. We will continue to vigorously enforce Nevada law to safeguard gaming in our state.  

“The Board has taken decisive action in recent months to halt the operations of other prediction markets in the state and has successfully restricted the operation of all unlicensed prediction markets known to be operating in Nevada.”