Robinhood presses pause on sports prediction markets in Nevada following injunction

2 Views

Monetary providers firm Robinhood has agreed to pause its sports activities prediction markets actions in Nevada pending additional authorized proceedings, after a decide dominated that contracts by Kalshi could not be offered in the state.

Federal decide Andrew Gordon denied Robinhood’s request for a short lived injunction in opposition to the Nevada Gaming Management Board (NGCB) this week, leaving the corporate with little different alternative than to stop its sports activities prediction markets pending additional court docket dates.

NEW: Robinhood agrees to "stop providing new sports-related occasion contracts in Nevada" throughout any appellate proceedings (until it secures an injunction pending enchantment), and can work to unwind open contracts, per Joint Discover filed with the State of Nevada. pic.twitter.com/1XXmye3obx

— Daniel Wallach (@WALLACHLEGAL) November 27, 2025

“In gentle of Decide Gordon’s ruling, the Board and Robinhood have reached an settlement in precept beneath which Robinhood has agreed to stop providing new sports activities occasion contracts within the State of Nevada, pending additional proceedings,” mentioned the NGCB in a notice to licensees.

On the identical time, Decide Gordon dissolved a beforehand granted preliminary injunction for Kalshi in opposition to the NGCB. The place Robinhood, and Crypto.com before it, agreed to stop operations with prediction markets, Kalshi and the NGCB stay at loggerheads.

“In contrast to each Robinhood and Crypto.com earlier than them, Kalshi has declined to succeed in an settlement with the Board to cease working in Nevada pending additional proceedings, regardless of immediately’s clear authorized ruling and the truth that they have been offered a really cheap alternative to take action,” continues the NGCB.

“Kalshi as a substitute has requested Decide Gordon to remain his ruling pending its enchantment. The Board will vigorously oppose that movement and can proceed to expeditiously pursue a path by means of the courts to cease Kalshi’s illegal conduct.”

Sports activities prediction markets in Nevada

That is the most recent in a sequence of hotly contested authorized battles surrounding prediction markets in Nevada, which the NGCB considers a wagering exercise and due to this fact requires a license.

Nevada has beforehand cracked down on different sports activities prediction markets operated by DraftKings and Flutter, in addition to Kalshi, Crypto.com, and now Robinhood.

“Partaking in illegal sports activities wagering in one other state or coming into right into a enterprise relationship with one other entity providing illegal sports activities wagering in one other state could name into query the nice character and integrity of the licensee,” concluded the NGCB. “The Board reminds licensees to be conscious of their obligations to take care of suitability and adjust to all relevant legal guidelines in all jurisdictions the place they function.”

Featured picture: Robinhood / Unsplash

The submit Robinhood presses pause on sports prediction markets in Nevada following injunction appeared first on ReadWrite.

Trending Merchandise