Polymarket won’t be able to offer Super Bowl prediction markets in Nevada after a judge blocked it from the state’s market for 14 days.
The Nevada Gaming Control Board (NGCB) filed legal action against the company on January 16. It claimed that Polymarket was illegally offering sports betting to Nevada residents.
until the court can decide whether a preliminary injunction is appropriate
District Court Judge James Woodbury granted a temporary restraining order until the court can decide whether a preliminary injunction is appropriate. That means Polymarket had to withdraw from the market immediately. Polymarket said it plans to appeal the decision.
This decision comes at a bad time for the prediction site, as Super Bowl LX is scheduled for February 8, right in the middle of this ban. The Super Bowl is the most popular single sporting event for sports bettors each year. Citizens Financial Group analysts forecast that total legal sports betting handle this time will be $1.5bn. That’s without taking into account trading volume at prediction sites like Polymarket and Kalshi.
The next steps for Polymarket are to file an opposition to the NGCB’s complaint by February 2 and to attend a hearing regarding the preliminary injunction on February 11. A victory for the state regulator would mean that the current 14-day ban would be extended much longer.
