Kalshi Loses Emergency Court Bid as Nevada Moves to Block Platform
Federal appeals court denies Kalshi's emergency stay request, clearing the path for Nevada to pursue enforcement action.
Prediction market platform Kalshi just hit a wall in Las Vegas. A federal appeals court denied the company's emergency bid for an administrative stay against Nevada's push to shut it down in the state.
Kalshi had sought the emergency measure to freeze Nevada's civil-enforcement proceedings while it fought the case. The court wasn't having it.
The ruling is a major blow for the prediction markets company. With the stay rejected, Nevada can now move forward with its enforcement action against the platform. That sets up a potentially ugly legal battle that could determine whether Kalshi can operate in the state at all.
Prediction markets have been on a regulatory rollercoaster, caught between growing mainstream adoption and state-level pushback. Nevada — no stranger to regulating betting — clearly isn't rolling out the welcome mat.