Crypto.com will stop offering sports event contracts in Nevada following a U.S. District Court decision denying its request for a preliminary injunction.
Court Denies Crypto.com’s Motion
On October 24, Nevada Gaming Control Board (NGCB) Chairman Mike Dreitzer notified licensees about the ruling, issued by Judge Andrew Gordon ten days earlier. The decision prevents Crypto.com from continuing to operate its sports event contracts while its legal case moves forward.
Dreitzer confirmed that Crypto.com intends to appeal, but emphasized that, in the meantime, the company must pause all sports offerings in Nevada.
“The Board has confirmed that after November 3, 2025, and until the resolution of its appeal, Crypto.com will not be offering sports event contracts to Nevada residents,” Dreitzer stated. “That means Crypto.com will no longer hold open positions or permit new contracts to be opened.”
The NGCB used the update to reiterate its position that event contracts tied to sports or political outcomes qualify as wagering under Nevada law.
Legal Context and Kalshi Comparison
Earlier this year, Crypto.com sued the NGCB after receiving a cease-and-desist order over its sports event contracts. The regulator had issued similar warnings to other prediction markets, including Kalshi.
While Judge Gordon denied Crypto.com’s injunction, he previously granted Kalshi’s request, allowing that platform to continue offering its products in Nevada.
Crypto.com argued that its contracts should fall under the Commodity Futures Trading Commission (CFTC)’s jurisdiction, rather than state-level gaming regulation. However, Gordon ruled that the company’s offerings do not qualify as swaps under the Commodity Exchange Act (CEA) and therefore fall within Nevada’s gaming oversight.
In contrast, Kalshi’s contracts were found to comply with federal definitions, allowing it to continue operations under the CEA’s preemptive authority.
Broader Regulatory Warnings
The NGCB has repeatedly cautioned operators against engaging in sports-related event contracts. A memo issued on October 15 reminded licensees that such products constitute unapproved wagering in Nevada.
Other U.S. states have adopted similar stances. In August, the Ohio Casino Control Commission (OCCC) informed operators that sports contracts qualify as unauthorized sports betting, warning that violations could lead to license revocation.
Following Ohio’s lead, regulators in Arizona and Michigan also issued warnings to licensed operators, urging them to avoid any partnerships or activities related to sports event prediction contracts.
