Prediction market operator Kalshi hits back at Nevada regulator over geofencing fine
Prediction market operator Kalshi hits back at Nevada regulator over geofencing fine
By Rajveer PardesiSat, August 15, 2026 at 2:58 PM UTC
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Aug 15 (Reuters) - Prediction market operator Kalshi accused Nevada's gaming regulator of violating federal law in a statement on Saturday after it sought daily penalties of $120,000 a day over the firm's alleged failure to comply with a geofencing order.
• Board investigators successfully placed nine trades on Kalshi's mobile application while connected to cellular networks in Nevada, a day after a court-ordered deadline for the company to have a complete geofencing solution in place, according to a court filing seen by Reuters.
• Kalshi in a statement said it hired GeoComply, a vendor licensed by Nevada's gaming regulator at the state's request, and that it kept the state throughout.
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• Nevada investigators misrepresented their residences to Kalshi, violating federal law, and at least one circumvented the company's own blocking measures, Kalshi's lawyers said.
• A judge in the western U.S. state of Nevada in April issued a preliminary injunction barring Kalshi from offering such contracts in the state without obtaining a gaming license.
• The Nevada courts did not immediately respond to a request for comment on Saturday outside normal business hours.
(Reporting by Rajveer Singh Pardesi and Rishabh Jaiswal in Bengaluru; editing by Barbara Lewis)
Source: “AOL Money”
