Nevada wins preliminary injunction to block Polymarket

LAS VEGAS (KSNV) — The state of Nevada has won a preliminary injunction against the company Polymarket, the latest blow to prediction markets in the Silver State.

A Carson City judge granted the injunction last week, forbidding Polymarket from offering any contracts for sports, elections or entertainment-related events within Nevada.

Attorney General Aaron Ford called the decision a win for Nevada’s consumers.

“Unlicensed prediction markets may not disregard the law and avoid the systems we have in place to be sure Nevadans and visitors alike are protected while gambling,” Ford said in a statement.

The Nevada Gaming Control Board won a temporary restraining order against Polymarket back in January after initiating legal action against the company.

Polymarket’s website states that people “buy and sell shares representing future event outcomes,” but unlike sportsbooks, users bet against one another rather than the “house.”

The Gaming Control Board says it considers “sports event contracts, or certain other events contracts, to constitute wagering activity” under state law, and Polymarket must be licensed.

Kalshi and Coinbase, two other popular prediction markets, are already enjoined from operating while Nevada pursues legal action against them.

Ford’s office says Crypto.com and Robinhood have voluntarily ceased offering event contracts in the state.