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Kalshi to Exit Nevada or Pay Huge $120K Fine Daily
['Updated On', 'July', 'Kayode Kehinde', 'Casino', 'Igaming Expert']
| Iredell Free News
Investigators made a very disturbing discovery: Kalshi kept offering services to Nevada residents in spite of the issued court injunction by FJD Court.
Based on Nevada regulators such offerings are under the gaming laws of Nevada and need licensing.
Geofencing Became a SolutionNevada Gaming Control Board mentioned that Kalshi agreed to implement geofencing technology in order to prevent people located in Nevada to access the prohibited contracts as mentioned above.
Kalshi agreed to the timeframe of August 12 as being the date when they will implement the geofencing restrictions.
This case is one of several and part of an effort taken by Nevada regulators to ban prediction markets that are unlicensed.