In addition to receiving cease-and-desist orders from several states (Arizona, Illinois, Montana, and Ohio), and ongoing litigation against New Jersey state gaming regulators in the U.S. Court of Appeals for the Third Circuit, KalshiEx LLC (Kalshi) is also now embroiled in litigation with regulators in Maryland and Nevada. Kalshi operates as a designated contract market, which allows adults in all 50 states to make financial trades on a broad range of topics — from sports to the weather.

Nevada

Earlier this year, the Nevada Gaming Control Board (NGCB) issued a cease-and-desist order to Kalshi, notifying the company that it is unlawful to offer event-based contracts on sporting events and election unless it holds an approved license by the Nevada Gaming Commission. In response, Kalshi f

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