Financial services company Robinhood has agreed to pause its sports prediction markets activities in Nevada pending further legal proceedings, after a judge ruled that contracts by Kalshi could not be offered in the state.
Federal judge Andrew Gordon denied Robinhood’s request for a temporary injunction against the Nevada Gaming Control Board (NGCB) this week, leaving the company with little other choice than to cease its sports prediction markets pending further court dates.
NEW: Robinhood agrees to “cease offering new sports-related event contracts in Nevada” for the duration of any appellate proceedings (unless it secures an injunction pending appeal), and will work to unwind open contracts, per Joint Notice filed with the State of Nevada. pic.twitter.com/1XXmye3obx
— Daniel Wallach (@WALLACHLEGAL) November 27, 2025
“In light of Judge Gordon’s ruling, the Board and Robinhood have reached an agreement in principle under which Robinhood has agreed to cease offering new sports event contracts in the State of Nevada, pending further proceedings,” said the NGCB in a notice to licensees.
At the same time, Judge Gordon dissolved a previously granted preliminary injunction for Kalshi against the NGCB. Where Robinhood, and Crypto.com before it, agreed to cease operations with prediction markets, Kalshi and the NGCB remain at loggerheads.
“Unlike both Robinhood and Crypto.com before them, Kalshi has declined to reach an agreement with the Board to stop operating in Nevada pending further proceedings, despite today’s clear legal ruling and the fact that they were provided a very reasonable opportunity to do so,” continues the NGCB.
“Kalshi instead has asked Judge Gordon to stay his ruling pending its appeal. The Board will vigorously oppose that motion and will continue to expeditiously pursue a path through the courts to stop Kalshi’s unlawful conduct.”
Sports prediction markets in Nevada
This is the latest in a series of hotly contested legal battles surrounding prediction markets in Nevada, which the NGCB considers a wagering activity and therefore requires a license.
Nevada has previously cracked down on other sports prediction markets operated by DraftKings and Flutter, as well as Kalshi, Crypto.com, and now Robinhood.
“Engaging in unlawful sports wagering in another state or entering into a business relationship with another entity offering unlawful sports wagering in another state may call into question the good character and integrity of the licensee,” concluded the NGCB. “The Board reminds licensees to be mindful of their obligations to maintain suitability and comply with all applicable laws in all jurisdictions where they operate.”
Featured image: Robinhood / Unsplash
