Crypto.com Will Halt Sports Event Contracts in Nevada

• Crypto.com will pull its sports event contracts out of Nevada until its lawsuit concludes
• The sports event contracts will be pulled out of the state on Monday, Nov. 3
• This comes several weeks after a Nevada judge ruled against a Crypto.com lawsuit filed against the Nevada Gaming Control board

Crypto.com will cease offering its sports event contracts in Nevada starting Monday, Nov. 3, until the prediction market company’s lawsuit against the Nevada Gaming Control Board is resolved.

As first reported by Howard Stutz of The Nevada Independent, the Nevada Gaming Control Board reported to its license holders in an Oct. 24 letter that Crypto.com would pull its sports event contracts out of the state in November after U.S. District Judge Andrew P. Gordon denied its motion for a preliminary injunction against the board.

“Crypto.com has indicated that it intends to appeal that decision. In the meantime, the Board has confirmed that after Nov. 3, 2025, and until the resolution of its appeals, Crypt.com will not be offering sports event contracts to Nevada residents. That means Crypto.com will no longer hold open positions in sports event contracts for Nevada residents and will not permit new contracts to be opened,” Mike Dreitzer, Chairman, wrote in the letter.

No More Sports Contracts Until Suit Resolved

The prediction market company will pull its sports event contracts from the Silver State on Nov. 3 after Gordon denied the company’s motion for a preliminary injunction earlier this month.

Gordon’s decision was slightly surprising, as he had previously awarded an injunction to prediction market competitor Kalshi in August. In his Kalshi ruling, Gordon noted that the Commodities Exchange Act superseded state gaming regulations and Kalshi stood a good chance of winning its lawsuit.

However, Gordon denied Crypto.com’s preliminary injunction request, noting that Crypto’s “events contracts are not ‘swaps’ falling within the CFTC’s (Commodity Futures Trading Commission) exclusive jurisdiction.”

“I deny the motion for preliminary injunction because Crypto has not met its burden to show that it is likely to succeed in demonstrating that its event contracts based on the outcome of live events are swaps that fall within the CFTC’s exclusive jurisdiction. I grant in part the motion to strike, with leave to amend. Finally, I grant the amici leave to file the amicus brief,” he noted in his decision.

Crypto.com filed a notice on Oct. 24 that it intends to appeal the order to the United States Court of Appeals for the Ninth Circuit.

Ongoing Legal Wrangling for Sports Contracts

It has been a busy week so far for prediction market companies and their sports event contracts. Over the weekend, Kalshi filed a lawsuit against the New York State Gaming Commission after the regulatory body sent a cease-and-desist notice to the company ordering it to halt its sports event contracts in the Empire State.

Kalshi took preemptive legal action against New York after its gaming commission ordered the prediction market company to cease offering sports event contracts in the state. The lawsuit was filed in the U.S. District Court for the Southern District of New York over the weekend.

The company took a similar tact in Ohio, filing a lawsuit against the Ohio Casino Control Commission and Attorney General before the state could file a lawsuit against Kalshi after filing its own cease-and-desist notice.