Published on: November 30, 2025, 11:31h.

Updated on: November 30, 2025, 11:31h.

• The Nevada Gaming Control Board categorizes sports event contracts as forms of sports betting
• The gaming authority issues warnings to its licensed operators about sports event contracts

In light of a pivotal federal decision, the Nevada Gaming Control Board (NGCB) is reiterating to its licensed operators that online platforms facilitating sports event contracts are deemed to be engaging in unauthorized sports betting.

Recently, U.S. District Judge Andrew Gordon sided with the NGCB, ruling that platforms like Kalshi, Robinhood, and Crypto.com, which offer shares linked to sports outcomes, are engaging in illicit gambling. These companies argue their contracts are financial instruments under federal jurisdiction, thus regulated by the Commodity Futures Trading Commission.

Both Judge Gordon and the NGCB hold contrary views. In the wake of this landmark decision, the NGCB, recognized as a leading body in gaming regulation, issued a further reminder to casinos, sportsbooks, and licensed operators that they must not engage with any platforms offering sports event contracts in Nevada without proper state authorization.

Attention Licensees

The NGCB has stated that while Robinhood and Crypto.com have agreed to halt their sports event contracts in Nevada, Kalshi continues to push forward. Kalshi is contesting Judge Gordon’s ruling, which the NGCB indicates they will “vigorously contest.”

The NGCB maintains that a sports event contract is considered a wagering activity, regardless of its regulation by the CFTC.

“Types of event contracts that the Board categorizes as wagering under its jurisdiction include event contracts based on the outcome or partial outcome of sporting or athletic events, or any selected events like the World Series of Poker, the Oscars, Esports, and political elections (Sports and Other Event Contracts),” the NGCB notice stated. “Offerings of Sports and Other Events Contracts in Nevada are exclusive to entities with a nonrestricted gaming license and sports pool approval that meet all other sports wagering requirements, including wagering accounts and sportsbook systems.”

The NGCB warns that licensees in Nevada without sports pool privileges who pursue sports event contracts or associate with companies offering them without the appropriate authorization could risk their licensing status. The warning emphasized that participating in illegal sports betting in other jurisdictions or partnering with entities offering such services may jeopardize the licensee’s integrity and good character.

Will Other States Follow Suit?

Judge Gordon’s ruling could signify the gradual end for CFTC-regulated exchanges that provide sports event contracts. With the federal court aligning with the state gaming authority’s stance that these contracts equate to gambling instead of conventional derivative investments, similar actions could follow from other state gaming regulators against Kalshi and comparable firms.

The NGCB is not alone in its interpretation that sports event contracts qualify as sports betting. Authorities in several other states, including Arizona, Michigan, Ohio, and Pennsylvania, have arrived at similar conclusions.