Prediction Market Battle: Kalshi vs. Nevada Regulators

Kalshi faces $120k/day fines for noncompliance with Aug. 12 geofencing deadline. Kalshi is fighting back, accusing Nevada investigators of federal law violations and misrepresentation, hiring GeoComply. CFTC issued warning on 'American odds' with Aug. 31 compliance deadline. Federal judge in Utah let state enforce gambling ban. Senators Rosen and Cortez Masto co-signed letter to block CFTC overreach. Nevada problem gambling group cuts ties with NCPG over Kalshi deal. Circa Sports owner calls prediction markets 'pirates and thieves.' This is a climaxing regulatory and legal battle with implications for licensed sportsbooks.