While Kalshi has requested that a federal court uphold its initial ruling to permit Kalshi’s contracts to continue to be available in the state rather than using the Crypto.com ruling as justification to also prohibit Kalshi’s contracts, Crypto.com has become the first prediction market to cease offering sports event contracts in a single state, doing so in Nevada on Monday.
The U.S. District Court for the District of Nevada refused Crypto.com an injunction last month that would have permitted the cryptocurrency exchange to continue providing contracts for sporting events in the state. The contracts are essentially prohibited in the state until an injunction is issued.
Although Crypto.com has not yet filed an appeal, it has stated that it would do so.
The Nevada Gaming Control Board (NGCB) said last week that Crypto.com will terminate its contracts for sporting events in Nevada on Monday.
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As of Monday, the state’s Crypto.com app does not display the contracts.
The contracts are still available on the exchange’s website, but when InGame tried to place a wager, a “insufficient funds” error notice showed up even though the account had enough money to do so.
A cryptocurrency judgment can have an impact on Kalshi.
Judge Andrew P. Gordon’s decision to deny Crypto.com an injunction could have an effect on Kalshi because in an April action against the state, Gordon granted Kalshi a similar order. Gordon did not explain why the decisions in the Crypto.com and Kalshi cases ought to be different.
In the Kalshi case, Gordon serves as the judge as well.
Nevada contended that Kalshi’s injunction ought to be lifted in light of the Crypto.com decision.
Kalshi submitted a motion to keep the injunction in place late on Friday. It claimed that the state’s move to dissolve was “procedurally improper and lacks substantive merit.”
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