Nevada regulators sue an exchange, accusing it of offering unlicensed sports betting contracts
According to Odaily, the Nevada Gaming Control Board has filed a civil enforcement lawsuit with the First Judicial District Court of Nevada, accusing a certain exchange of offering unlicensed sports event contract betting services through its Financial Markets division.
The documents show that the regulator is also requesting the court to issue a temporary restraining order and a preliminary injunction, requiring the exchange to cease "operating a derivatives exchange and prediction market related to sports betting" in Nevada. Mike Dreitzer, Chairman of the Nevada Gaming Control Board, stated that this move aims to fulfill regulatory responsibilities and protect the order of the local gaming industry and the interests of state residents.
This lawsuit comes less than a week after the exchange announced a partnership with Kalshi to launch prediction market services in all 50 U.S. states. Although Kalshi is regulated at the federal level by the U.S. Commodity Futures Trading Commission, state regulators can still initiate legal challenges against related business activities.
In addition, Nevada has recently taken similar action against Polymarket, with the court previously approving a temporary restraining order prohibiting it from offering event contract betting to state residents. These related cases are also seen as potentially challenging federal regulatory authority over prediction markets. (Cointelegraph)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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