Kalshi Asks For, Receives Additional Time in Nevada

• Kalshi has received more time from the Nevada Gaming Control Board to deal with a cease-and-desist notice
• Kalshi had until March 14, 2025, to cease operations in the state
• The Nevada Gaming Control Board issued a cease-and-desist notice to Kalshi in March

Kalshi will receive at least a little more time to decide what’s in store for its future in Nevada.

The Nevada Gaming Control Board (NGCB) announced Kalshi requested a “limited period of additional time” to address the board’s cease-and-desist order to stop operations in the state.

The gaming control board did not object to Kalshi’s request.

New Deadline Unknown

The NGCB announced on Friday, March 14, that it agreed to provide Kalshi with additional time to address its cease-and-desist order in the Silver State. The board issued the cease-and-desist to the regulated exchange and prediction market company on March 4 and set a deadline of Friday, March 14, to halt operations.

The NGCB posted the following statement to its social media channels on the deadline:

“Regarding the cease and desist order sent to KalshiEX LLC, dba Kalshi, on March 4, 2025, the Nevada Gaming Control Board was recently contacted by outside counsel representing Kalshi. The company’s counsel requested, and the NGCB did not object to, a limited period of additional time for Kalshi to address the NGCB’s order. Further details will be provided when available.”

It’s unknow how much additional time Kalshi has been provided by the NGCB.

Sports Event, Election Contracts at Heart of Issue

The NGCB has taken issue with Kalshi offering sports event and election prediction contracts within state borders. The NGCB believes Kalshi is violating numerous Nevada Revised Statutes and Nevada Gaming Commission Regulations by offering the sports event contracts.

According to the order, Kalshi’s event-based contracts for sports and elections is “unlawful in Nevada, unless and until approved as licensed gaming by the Nevada Gaming Commission.”

Additionally, the board informed Kalshi that even licensed sports pools in the state are prohibited from accepting wagers on elections.

“Every sports pool in Nevada must undergo an extensive investigation prior to licensing, must adhere to strict regulation once licensed, and must pay all applicable taxes and fees,” NGCB Chairman Kirk Hendrick said in a press release. “Any unlawful attempts to circumvent Nevada’s right to regulate gaming activity within its borders will be met with the full force of criminal and civil penalties.”

Kalshi, which is regulated by the Commodity Futures Trading Commission, jumped into the sports event trading contract game in late January.

According to the company’s CFTC filing, Kalshi customers can purchase contracts for anywhere from $0.01 and at most $0.99. For each correct contract the customers hold, they will receive $1 in return. Losing contracts obviously return nothing.