Nevada Moves to Ban Kalshi, Polymarket
Nevada's gaming regulator has initiated a state ban on two prediction market companies, which have appealed the action.
Updated on Nov. 2, 2026 in Gambling
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The Nevada Gaming Control Board initiated the state's ban on prediction market companies Kalshi and Polymarket, which have appealed the decision. Forty-three other states have ongoing litigation against prediction market companies.
Why it matters
Prediction markets let users wager on events such as football games and election outcomes while skirting the state rules that traditional gaming companies must follow. The dispute reaches into questions of whether state or federal authorities control gambling regulation.
Nevada's regulator has initiated a ban on Kalshi and Polymarket, which have appealed it. Federal appeals courts remain split on whether prediction markets fall under federal or state authority, and the outcome of the appeal is not yet known.
The players
Kalshi
Kalshi is a prediction market company that has appealed Nevada's ban on its platform.
Polymarket
Polymarket is a prediction market company that has appealed Nevada's ban on its platform.
Nevada Gaming Control Board
The Nevada Gaming Control Board is the state agency that regulates gaming and initiated the ban on the two companies.
The details
Several federal circuits are currently handling prediction market disputes, with the Third Circuit holding that these markets are strictly the province of federal regulation and the Ninth Circuit ruling in Nevada's favor. The Sixth Circuit has held that these swaps are federal-level contracts also subject to state regulation, while the U.S. Supreme Court ruled in 2018 that sports betting belongs to the states.
Timeline
2018: The U.S. Supreme Court rules that sports betting is the province of the states.
November 3-5, 2026: A dedicated prediction markets conference is held in Las Vegas.
Season Trajectory
The 2018 Supreme Court ruling that sports betting belongs to the states established the framework now being tested by prediction markets. The dispute could reach the U.S. Supreme Court and set a federal precedent on gambling regulation.
Residents of Nevada may find prediction market platforms unavailable while the state ban and appeals proceed. Users in other states face differing rules depending on the outcome of ongoing litigation in forty-three states.
The takeaway
Bettors should check whether prediction market platforms are legal in their state, since regulation is currently split between state and federal authorities and the rules may change.
What happens next
A dedicated prediction markets conference will be held November 3-5 in Las Vegas, and the issue is expected to reach the U.S. Supreme Court.
Further reading
For broader context on how state rules shape the industry, see Gambling coverage.
Source note: This article includes information reported by Nevada Public Radio.
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