Nevada temporary shutdown order against Polymarket

[vixen777]

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Nevada vs. prediction markets​

Woodbury granted the NGCB’s motion for a preliminary injunction based on previous legal proceedings concerning prediction markets and sports event contracts in Nevada.

Polymarket competitors Kalshi and Coinbase have also faced pushback in Nevada.

• A judge granted the NGCB’s preliminary injunction against Coinbase in March, requiring the company to temporarily pull its sports event contracts off the market. Coinbase received the unfavorable ruling despite arguing the CFTC’s exclusivity authority over prediction markets through the Commodity Exchange Act.
• Kalshi was also ordered to stop delivering sports event contracts in Nevada after being initially granted a temporary restraining order to keep its offerings online.
• Kalshi’s TRO was dissolved after Crypto.com was denied a similar motion in Nevada, and a Maryland judge denied an injunction request from Kalshi.

“The Board has taken decisive action in recent months to halt the operations of other prediction markets in the state and has successfully restricted the operation of all unlicensed prediction markets that had been known to be operating in Nevada,” said Nevada’s gaming regulator in a press release. “Because of previously entered preliminary injunction orders, Kalshi and Coinbase are prohibited from offering or facilitating sports-, election-, and entertainment-related event contracts in the state of Nevada.

The Nevada Gaming Control Board (NGCB) on Monday heralded its latest court win against a prediction market platform after receiving a favorable ruling from a federal judge in its legal dispute with Polymarket over sports event contracts.

The NGCB announced on June 1 that Judge Jason Woodbury of the First Judicial District Court for the State of Nevada granted the regulator’s motion for a preliminary injunction against Polymarket.

“We are very pleased with Judge Woodbury’s ruling and will continue to vigorously enforce Nevada law to safeguard gaming in our state,” said NGCB Chairman Mike Dreitzer.