Kalshi secures partial court victory in Nevada over cease-and-desist order

Prediction market platform Kalshi secured a legal victory in Nevada, as a federal judge granted a preliminary injunction allowing the company to continue offering sports event contracts in the state while litigation continues.

U.S. District Court Judge Andrew P. Gordon issued a minute order granting, in part, Kalshi’s request for a temporary restraining order and preliminary injunction against the state’s cease-and-desist directive. The Nevada Gaming Commission’s counter-motion to immediately shut down Kalshi’s operations was denied. A written ruling with further details is expected at a later date.

The decision comes as Kalshi faces mounting regulatory pressure across the United States. Nevada is one of six states—including New Jersey, Illinois, Maryland, Ohio, and Montana—that have issued cease-and-desist orders targeting Kalshi, Robinhood, and Crypto.com over the offering of prediction markets tied to sports events.

Kalshi had previously won a high-profile case against the Commodity Futures Trading Commission (CFTC), allowing it to offer contracts on political events such as presidential elections. The platform has since expanded into sports markets, including wagers on the Super Bowl and NCAA’s March Madness, and recently partnered with Robinhood for related offerings.

“Today, the Federal Court in Nevada granted Kalshi’s preliminary injunction and blocked the State from trying to prevent Kalshi from offering prediction markets,” a Kalshi spokesperson told Front Office Sports. “We are grateful for the court’s careful attention to this matter and recognition of Kalshi’s status as a CFTC-regulated exchange. On to the next step.”

The ruling allows Kalshi to continue operating in Nevada for now, as the broader legal challenge over the legitimacy of its prediction markets plays out in federal court.