Kalshi Asks For More Time In Nevada Cease And Desist Case
The standoff between Kalshi and the Nevada Gaming Control Board is going to overtime.
The NGCB said Kalshi asked for more time to respond to a cease-and-desist order to stop offering betting on sports, elections and other markets in the state. A “limited” amount of time was granted to Kalshi, which originally had a deadline of 5 p.m. Pacific time to respond.
The new Nevada statement
Here’s what the NGCB put out on Friday afternoon:
NGCB Statement Regarding Cease and Desist Order to Kalshi
Regarding the cease and desist order sent to KalshiEX LLC, dba Kalshi, on March 4, 2025, the Nevada Gaming Control Board (NGCB) was recently contacted by outside counsel representing Kalshi. The company's counsel requested, and the NGCB did not object to, a limited period of additional time for Kalshi to address the NGCB's order.
Further details will be provided when available.
You can also see the notice from NGCB here.
How we got here in Nevada vs. Kalshi
The state’s gaming control board sent Kalshi a cease-and-desist letter on March 4 in which it declared that “offering event-based contracts is unlawful in Nevada, unless and until approved as licensed gaming by the Nevada Gaming Commission."
The letter, signed by NGCB Chairman Kirk Hendrick, demanded “written confirmation of Kalshi’s cessation of all prohibited activities within Nevada” by 5 p.m. on March 14. “Failure to provide confirmation by such time shall be considered as willful intention to violate Nevada law.” The letter also made clear Nevada’s intent to “pursue criminal and civil actions based on Kalshi’s past and future conduct within the state.”
The only public response from Kalshi following the letter came the next day, when Kalshi co-founder Tarek Mansour put out a statement on social media channels that included the following:
“After the election, we were convinced that the value of prediction markets was now obvious to everyone, and that the regulatory battle for legal prediction markets was over… We were right, except for the everyone part.
“While we are disappointed to see the letter from the Nevada Gaming Commission, Kalshi will stay committed to our approach and keep paving the way for regulated prediction markets to thrive in the US…We keep marching”
What enforcement actions Nevada agencies could take or are willing to deploy remains unknown.