Nevada Seeks $120K/Day Fine Against Kalshi Over Geofence Failures
Summary
Nevada gaming regulators are asking a court to fine Kalshi $120,000 per day, alleging the platform continued offering prohibited event contracts after an Aug. 12 geofencing deadline. The state says investigators could still access sports, election, and entertainment contracts from Nevada, including through an older app version not covered by the block. Kalshi counters that testers misrepresented their residence and actively circumvented restrictions, calling the trades invalid. This is the second contempt fight over geofencing—a similar June request also sought $120K/day but no fine has been imposed. The dispute runs parallel to a Ninth Circuit appeal over Nevada's authority to regulate Kalshi's contracts. If the court accepts the state's position through Aug. 17, the penalty would total about $600,000.
This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Finance Magnates.