Late Friday, the Nevada Gaming Control Board said that Crypto.com, a prediction market operator involved in a lawsuit against the state over contracts for sporting events, has consented to cease operations in Nevada after November 3.
Crypto.com requested a preliminary injunction earlier this year to prevent the Board from applying Nevada law to its contracts for sporting events. Crypto.com plans to appeal the October 14 denial of that request by U.S. District Judge Andrew P. Gordon. Legal experts anticipate that Gordon’s April preliminary injunction in favour of Kalshi, which was given before the matter was fully detailed, will be rejected.
Dreitzer stated in a notice that the Board has verified that Crypto.com will not be providing sports event contracts to Nevada residents after November 3 and until its appeal is resolved.
ALSO READ: Lawsuit claims institutional collusion to defraud horse racing bettors.
“Therefore, Crypto.com will no longer have any open positions in contracts for sports events for Nevada residents, and it will not allow the opening of new contracts,” Dreitzer stated. “As licensees are likely aware, the Board has been working hard to fulfill its mandate to safeguard the public’s safety, morals, order, and well-being; to promote gaming stability and success; and to maintain Nevada’s competitive economy and free competition policies.”
Dreitzer stated in the notification that the Board is reaffirming and re-issuing the counsel it provided to licensees two weeks ago regarding event contracts offered in Nevada and other jurisdictions, even as it continues to look for lawful ways to safeguard gaming and promote a competitive economy.
“According to state law, the Board believes that contracts for sporting events or some other events amount to a wagering activity,” Dreitzeer stated. “Winning happens regardless of whether the contract is listed on a Commodity Futures Trading Commission-regulated exchange or not. “Event contracts based on the outcome or partial outcome of any sporting or athletic event, as well as other selected events like the World Series of Poker, the Oscars, esports, and political elections, are examples of what the Board specifically considers to be wagering subject to its jurisdiction.”
Offerings for contracts involving sports and other events can only be made in Nevada, according to Dreitzer, if the offering entity has a non-restricted gaming license with state approval for sports pools and satisfies all other requirements for sports wagering, such as having wagering accounts and sports book systems.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
A Nevada ruling exacerbates the nation's courts' increasing disagreement over whether prediction markets are bets…
Two sweepstakes casinos and their operator received a second wave of cease-and-desist letters from Maryland's…
Burlington, Iowa's Catfish Bend Casino and FunCity Resort is undergoing a name change. The arrangement…
Kalshi has moved to have a Wisconsin tribe's lawsuit against the prediction market dismissed, claiming…
In terms of development, expansion, and relevance, Las Vegas has significantly surpassed Reno since Nevada…
For Noah Vineberg, problem gambling is close to home. Before seeking treatment seven years ago,…