Prediction market operator Kalshi hits back at Nevada regulator over geofencing fine
State prosecutors say Kalshi missed a court deadline to block Nevada users and could owe $120,000 a day until it complies.
- In a Friday filing in Carson City, The Gaming Control Board accused Kalshi of missing the August 12 deadline to block Nevada users, requesting the court impose fines of $120,000 a day for noncompliance.
- Previously, Kalshi agreed to implement 'a robust, multi-source geofencing solution provided by a third-party commercial provider' to block Nevada residents, utilizing GeoComply, a Nevada-licensed technology company.
- Nevada Attorney General Aaron Ford argued in his Friday motion that Kalshi's August 9 app update left insufficient time for user compliance, as updates can take up to seven days to reach all users.
- Kalshi General Counsel Rick Heaslip called the lawsuit 'a vindictive waste of taxpayer dollars,' alleging state investigators 'actively worked to circumvent' the company's blocking measures and violated federal law.
- Pending a ruling by the 9th U.S. Circuit Court of Appeals, Kalshi and two other prediction markets face uncertainty regarding the regulatory agency's effort to ban their Nevada operations.
13 Articles
13 Articles
Kalshi accuses Nevada investigators of violating federal law in geofencing complaint
Kalshi is pushing back against the state of Nevada’s claims that the prediction market operator failed to comply with geofencing requirements, accusing the state’s gaming regulator of violating federal law. In a motion filed in state court on Friday evening, state prosecutors argued that the firm failed to implement a geofencing solution by Aug. 12…
Prediction market operator Kalshi hits back at Nevada regulator over geofencing fine
Prediction market operator Kalshi accused Nevada's gaming regulator of violating federal law in a statement on Saturday after it sought daily penalties of $120,000 a day over the firm's alleged failure to comply with a geofencing order.
Nevada Wants $120K a Day from Kalshi Over Geofence Failures. Kalshi Says the Testers Cheated
Nevada gaming regulators are asking a court to fine Kalshi $120,000 per day, alleging that the prediction market operator continued to offer prohibited event contracts in the state after a court-ordered deadline. The request moves Nevada’s dispute with Kalshi from the broader question of who can regulate prediction markets to a narrower one: whether the company complied with an existing injunction while that larger case continues. In July, Kalsh…
Forbes, the world's most well-conceived business and economic magazine. Company accuses researchers of providing false addresses and mocking their blockades after nine transactions made in the app The post Kalshi Can Pay $120 thousand Daily Multa in Nevada apareceu primeiro em Forbes Brasil.
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