A Nevada judge has extended a ban preventing Kalshi from offering event-based contracts in the state, ruling that the products qualify as unlicensed gambling under Nevada law. Judge Jason Woodbury granted a preliminary injunction requested by the Nevada Gaming Control Board, continuing restrictions that began with a temporary order issued on March 20.

The ruling rejects Kalshi’s argument that its contracts are financial derivatives regulated by the Commodity Futures Trading Commission. Instead, the court determined that trading contracts tied to outcomes like sports or elections is functionally equivalent to traditional betting, requiring a gaming license to operate legally within the state.