The first state to file a lawsuit against Polymarket is the Nevada Gaming Control Board (NGCB), which claims the prediction market violates the state’s wagering regulations.
In order to obtain a declaration and injunction “to stop Polymarket from offering unlicensed wagering in violation of Nevada law,” the NGCB launched a civil enforcement action against Polymarket in Carson City District Court, according to a statement released on Friday.
For users who have been removed from its backlog, Polymarket is active in the United States; nevertheless, it is not yet completely accessible for everyone.
ALSO READ: Nevada authorities caution license holders about playing video games online.
Since Polymarket returned to the United States in July of last year, this case represents the first time a court will make a decision regarding its legality. Lawsuits against rival Kalshi have been filed all around the nation, although the majority of them are federal cases in which Kalshi sued a state.
Nevada’s case against Kalshi seems to follow a different pattern than the state’s dealings with Polymarket. In that instance, Kalshi filed a lawsuit in federal court to stop the state from enforcing the cease-and-desist order that the state had sent.
State: Illegal gambling is offered by Polymarket US
According to the law, Polymarket US’s sports event contracts constitute illicit gambling.
“Polymarket operates a derivatives exchange and prediction market where it offers event contracts for sale,” the NGCB wrote in the press release. “These products are offered for sale on Polymarket’s mobile app and are made available to people in Nevada.
“The Board considers offering sports event contracts, or certain other events contracts, to constitute wagering activity under NRS 463.0193 and 463.01962 and, therefore, entities offering such event contracts must be licensed.”
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