Prediction market operator Kalshi hits back at Nevada regulator over geofencing fine
On August 15, prediction market operator Kalshi fired back at Nevada's gaming regulator over a $120,000 daily fine imposed for alleged non-compliance with a geofencing order. The Nevada regulator sought the penalties after Kalshi's board investigators placed nine trades on the company's mobile application while connected to cellular networks in Nevada, despite a court-ordered deadline for a complete geofencing solution.
Kalshi defended itself in a statement, claiming it had hired GeoComply, a vendor licensed by Nevada's gaming regulator at the state's request, and maintained open communication with the state throughout. Nevada investigators, according to Kalshi's legal team, misrepresented their residences to the company, an act that violated federal law. Additionally, at least one investigator allegedly circumvented Kalshi's own blocking measures, the lawyers asserted.
In April, a Nevada judge issued a preliminary injunction preventing Kalshi from offering such contracts in the state without first obtaining a gaming license. However, the Nevada courts had not yet responded to a request for comment on Saturday, outside of regular business hours.
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