NEVADA (KOLO) - Financial exchange platform and prediction market Kalshi will no longer be allowed to offer sports wagering contracts in Nevada.

Earlier this week, a judge ruled that the prediction market startup is subject to Nevada’s gambling rule.

That ruling dissolved a March injunction that allowed Kalshi to continue operations while fighting the state’s cease and desist order.

The businesses say they’re sufficiently regulated while major casinos and gaming regulators say the businesses are using a loophole to offer sports betting.

Nevada is one of nearly two dozen states and tribal gaming authorities that have filed federal lawsuits to block Kalshi and other prediction markets from offering sports wagering contracts.

Kalshi says it is planning to appeal.

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