Nevada regulator issues cease-and-desist order to Kalshi

The NGCB letter details multiple violations of regulations.

US.- The Nevada Gaming Control Board has issued a cease-and-desist order to the prediction market platform Kalshi. The letter states that the platform’s offering of “event-based contracts” on sporting events and election outcomes is unlawful in Nevada, unless approved as licensed gaming by the Nevada Gaming Commission.

The NGCB letter details violations of Nevada Revised Statutes and gaming regulations and warns that the company could face criminal charges. Signed by NGCB chairman Kirk Hendrick, the letter instructs the company to cease all unlawful activity within Nevada by 5.00pm on March 14, 2025. It warns that past unlawful action will remain subject to criminal and civil penalties and that any future unlawful activity will be deemed willful violations.

“Every sports pool in Nevada must undergo an extensive investigation prior to licensing, must adhere to strict regulation once licensed, and must pay all applicable taxes and fees.” Hendrick said. “Any unlawful attempts to circumvent Nevada’s right to regulate gaming activity within its borders will be met with the full force of criminal and civil penalties.”