Nevada Gaming Control Board on Kalshi: ‘A pig in lipstick is still a pig’
The state is not being shy when it comes to addressing the rising popularity of prediction markets across the US.
Key Points
- The state recently filed a motion against Kalshi and other prediction markets to seek key documents from operations
- Nevada has been consistent in pushing back against these operators
During a recent meeting, Nevada Gaming Control Board member and retired judge, George Assad, made several comments directed at prediction market operators.
He said: “I would like to comment on a recent case by Judge Gordon that got very little publicity, so as a public service announcement, I would like to inform all those participants like Kalshi and crypto.com, Polymarket etc, that the gig is up.
“These judges are starting to wake up and they’re starting to see that this word salad they’ve been producing is nothing more than a word salad. A derivative contract, whatever you want to call it, is nothing more than a sports wager.
“A sports wager is a sports wager. Every bet made in this town is a contract, you can call it a derivative contract, you can call it a credit default swap, like they did during the housing bubble, but whatever you want to call it, it is still a sports bet. Therefore, it is under the jurisdiction of the Nevada Gaming Commission and the Nevada Gaming Control Board.”
Last week, Nevada regulators filed a motion against Kalshi, seeking to obtain further information on its communications with the Commodity Futures Trading Commission (CFTC).
Good to know: When Assad mentions Judge Gordon earlier, he is referring to Nevada District Court Judge Andrew Gordon, who ruled against Crypto.com this week after it filed for preliminary injunctions against regulators
Assad continued: “The recent decision by the judge in Maryland made it crystal clear that the federal government does not have exclusive jurisdiction in this field, that states have the right to control gambling in their state as they have traditionally done.
“These people like Kalshi and crypto.com want to come in and impose their will on the sovereign nations like the Indian tribes, which is outrageous, and on states like California, Texas, Utah and others who don’t want gambling at all. And then they want to impose their will on Nevada.
“We want to protect 18 and 19-year-old kids from becoming possibly addicted to gambling at a young age when their immaturity level is not sufficient enough to know how to treat gambling. We are putting a stop to this. They’ve made millions and millions and millions of dollars and deprived Nevada of a lot of tax revenue and our attorneys will hopefully seek to recapture that ill-gotten gain.
“So just as a word to the wise out there: You can put lipstick on a pig, but it’s still going to be a pig.”
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