Nevada Gaming Control Board Sues Coinbase Over Unlicensed Sports Wagering
- The Nevada Gaming Control Board filed a civil enforcement action against Coinbase Financial Markets for offering unlicensed wagers on sports events.
- The lawsuit was filed in the First Judicial District Court of Nevada, requesting a temporary restraining order against Coinbase’s prediction market operations.
- Coinbase had recently launched prediction markets in all US states through a partnership with Kalshi, which is overseen by the CFTC at the federal level.
- Mike Dreitzer, chair of the Nevada Gaming Control Board, emphasized the board’s commitment to protecting citizens and regulating the gaming industry.
- A similar case involved Polymarket, where a Nevada court issued a temporary restraining order against its operations for event-based betting contracts.
This legal action highlights ongoing tensions between state regulators and cryptocurrency platforms like Coinbase and Kalshi regarding sports wagering regulations. The outcome may impact how these platforms operate in various states amidst evolving legal frameworks.
The Nevada Gaming Control Board’s lawsuit against Coinbase follows its recent launch of prediction markets, underscoring regulatory scrutiny on unlicensed betting activities. (Source)
