60%+ returns in 2025: Here’s how AI-powered stock investing has changed the game
Investing.com -- A federal judge in Las Vegas has lifted an order that previously blocked Nevada gaming regulators from taking enforcement actions against predictions-market startup Kalshi Inc.
US District Judge Andrew Gordon’s decision, made public on Tuesday, removes the preliminary injunction that had been in place since April, allowing the Nevada Gaming Commission and Nevada Gaming Control Board to proceed with potential actions against the company.
The ruling represents a significant setback for Kalshi, which has consistently argued in various legal battles with state regulators that it operates as a derivatives exchange subject only to federal regulation by the US Commodity Futures Trading Commission, not state gaming authorities.
Following the news, shares of major sports-betting companies saw notable price movements. Flutter Entertainment PLC, parent company of FanDuel, rose as much as 3% in New York trading, while DraftKings Inc. shares jumped as much as 9%, with both stocks reaching their session highs after the ruling became public.
In response to the court’s decision, Kalshi filed an emergency motion on Tuesday seeking to stay the lifting of the preliminary injunction while it appeals the ruling. In its filing, the company stated, "Kalshi faces a threat of imminent criminal enforcement by Nevada authorities."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.