Nevada sues Kalshi as federal regulators say back off

Kalshi's website

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• Nevada regulators sued Kalshi, saying its markets are actually illegal sports gambling.
• The suit was filed just as the Trump administration sided with prediction markets.
• Other states have also sued Kalshi, and many legal observers expect the Supreme Court to weigh in.

Nevada gambling regulators sued the prediction markets company Kalshi on Tuesday, saying the platform's rapid growth forced their hand.