NRA will have its say
US District Court Judge Andrew Gordon has given the Nevada Resort Association the legal right to intervene in a lawsuit filed by prediction market giant Kalshi against Nevada gaming regulators.
NRA to defend its members’ interests
Judge Gordon on Monday signed off on the order allowing the NRA to defend its members’ interests in Kalshi’s lawsuit against the Nevada Gaming Control Board (NGCB) and the Nevada Gaming Commission (NGC).
Gordon, New York-based Kalshi, and the NGCB are seeing a lot of each other in 2025. In April, Gordon issued a temporary injunction against the NGCB regulators’ cease-and-desist order, giving Kalshi a significant legal victory and allowing it to continue offering markets in Nevada.
On Monday, however, Gordon decided in favor of the NRA, essentially ruling that the body had enough skin in the game to warrant a legal challenge against Kalshi’s Nevada suit.
If the New York firm wins the suit Judge Gordon stated, it was likely NRA members would experience “a considerable competitive disadvantage” from the likes of Kalshi not being beholden to Nevada gaming laws.
Interests to protect
Kalshi’s retaliatory lawsuit is contesting NGCB’s order that its Contracts For Difference (CFDs) resemble sports wagers. Kalshi argues, so far successfully including in New Jersey, that CFDs fall under the federal control of the Commodity Futures Trading Commission.
While Kalshi is benefitting from federal protection by the CFTC, regulators and now the Nevada resort body believe such prediction market firms should answer to state regulators.
Nevada’s regulated gambling market benefits NRA members
Judge Gordon stated Nevada’s regulated gambling market benefits NRA members, and that Kalshi’s “efforts in this case could erode that market and the regulations that make it fair for the public and profitable for licensees.”
The District Judge elaborated further, stating: “NRA’s members have significantly protectable interests in their Nevada gaming licenses that they have spent substantial sums to obtain, maintain and protect.”
Gripes and warnings
Kalshi on Monday griped that the NRA’s request to get involved in the lawsuit was too late. Gordon refuted the claim, stating the trade body’s response came within the 47-day window after Kalshi filed the suit, and came in time for him to grant the intervention.
The NRA’s intervention motion claims “a vested interest in the case.” According to the Las Vegas Review-Journal, the NRA cited the $7.8bn made by Nevada on legal sports bets in 2024, and that the NRA represents 70 casino resorts statewide.
The NRA has warned of “seismic” changes in Nevada sports betting if Kalshi and others are allowing to continue offering CFDs.
