In the Nevada Supreme Court, Kalshi lost his effort a few days ago to stop the requirement to block his customers’ access in the state to much of the platform’s commercial activities. The denial signed Wednesday by three state judges said they were “unpersuaded” by the company’s emergency motion, and Kalshi could also face legal trouble for failing to geolocate his business within the court-mandated deadline.
In Ohio, Kalshi sued the gaming regulator on Monday – following earlier parallel legal arguments from the Commodity Futures Trading Commission – seeking to end Ohio’s sanction against the company, accused of running an unlicensed sports betting operation.
The next day, a local court in Michigan granted that state’s gaming regulators a two-week temporary restraining order against Kalshi to prevent him from offering, advertising or facilitating sports betting there.
“Kalshi targets Michigan’s most vulnerable residents with sports betting disguised as investment – and without intervention, the harm will continue to worsen,” Henry Williams, executive director of the Michigan Gaming Control Board, said in a statement released Tuesday.
On the plus side for prediction platforms: The CFTC and its pro-innovation chairman, Mike Selig, are aggressively trying to argue that Kalshi and the others belong within the agency’s sole jurisdiction as the U.S. derivatives regulator, arguing in their own lawsuits against several states that the contracts sold on prediction exchanges are actually the same ones that a farming company might buy to protect against future changes in crop prices.
