Nevada bans Kalshi (for now) 🚫

States are taking aim at prediction markets, with Kalshi taking the first serious hit Friday as its valuation swells.

Author

Andrew Hayward
March 21, 2026

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📝 What you need to know

The battle between states and prediction market platforms took a turn Friday, when Nevada issued a temporary restraining order against Kalshi, prohibiting the startup from offering event contracts related to sports, politics, and entertainment in the state for 14 days.

An April 3 hearing will determine whether Nevada can secure a preliminary injunction against Kalshi, which would extend the ban for potentially several more months as a trial unfolds. Nevada isn’t the only state taking aim at prediction market platforms, with Arizona also filing charges against Kalshi this week—though President Trump’s CFTC has made it clear that it believes it should regulate such markets at the federal level. In other words, this fight is far from over.

The latest actions against Kalshi come as the platform doubled its valuation to $22 billion on the back of a new $1 billion investment from Coatue Management.

Nevada Becomes First State to Ban Prediction Market Kalshi—At Least for Now

Kalshi's sports, politics, and entertainment prediction markets will be banned in Nevada for at least the next 14 days.

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 💬 Quote of the Day

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“Kalshi has repeatedly stated that its operations are legal in 50 states, which is clearly not true. Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public.”

Nevada Gaming Control Board Chair Mike Drietzer on the temporary Kalshi ban

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