The Nevada Gaming Control Board has firmly criticized prediction markets, declaring them illegal for unlicensed operators in the state. Chairman Mike Dreitzer emphasized that these markets resemble sports betting, which is prohibited without proper licensing. The board praised a recent 9th Circuit Court ruling supporting Nevada’s stance.
Kalshi, a leading prediction market company, argues that its model is based on financial trading rather than gambling, advocating for federal oversight instead of varying state regulations. Co-founder Luana Lopes Lara contends that Kalshi has robust measures to prevent underage participation, different from many state practices.
Meanwhile, New Jersey is seeking U.S. Supreme Court intervention on the legality of prediction markets, highlighting ongoing litigation across multiple states. Legal experts suggest that the Supreme Court may take up the issue in the near future, but specifics remain uncertain.
