A Nevada state court has granted a preliminary injunction against Polymarket, barring the crypto-based prediction market from offering Polymarket betting-style event contracts to Nevada residents.
The decision strengthens the Nevada Gaming Control Board (NGCB), marking its third consecutive legal victory against prediction market platforms and effectively removing major unlicensed operators from Nevada’s market.
Nevada Court Targets Polymarket Betting and Prediction Markets
The injunction against Polymarket follows a series of enforcement actions targeting prediction market platforms operating without state gaming licenses.
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According to the NGCB, Nevada previously secured preliminary injunctions against Kalshi in April and Coinbase in March. In addition, Crypto.com and Robinhood agreed to stop offering sports event contracts in Nevada in late 2025.
At the center of the dispute is whether event contracts and Polymarket betting markets should be classified as financial derivatives under federal regulation or as gambling products under state law.
Nevada regulators maintain that exchanges offering contracts tied to sports outcomes and other real-world events must obtain state gaming licenses before serving Nevada residents.
The latest court decision strengthens the state’s position and could provide a roadmap for other jurisdictions considering similar enforcement actions.
Global Scrutiny of Polymarket Continues
Nevada’s move is part of a broader escalation in regulatory scrutiny of prediction markets across the U.S. and internationally.
Minnesota recently became the first U.S. state to enact legislation specifically prohibiting prediction market operators from serving residents. At least 14 other states have introduced legislation aimed at regulating the rapidly expanding prediction market industry.
Internationally, last week Spain temporarily blocked access to both Polymarket and Kalshi while investigating unlicensed gambling operations.
Other jurisdictions, including France, Belgium, the Netherlands, Romania, and Indonesia, have already restricted or banned Polymarket. Brazil has also blocked more than two dozen prediction market platforms this year.
Polymarket Betting Activity and Market Growth
Polymarket remains the dominant player in the prediction market sector, often described as a form of Polymarket betting at scale, with rapid growth in trading activity.
According to on-chain data from Dune Analytics, monthly trading volume surged from roughly $1.2 billion in early 2025 to over $20 billion by early 2026, while active wallets more than tripled within six months.
March 2026 marked a milestone as monthly volume first exceeded $10 billion. Q1 2026 reached $26.2 billion, representing more than 90% growth compared to the previous quarter.
However, April 2026 showed the first monthly decline in eight months, with volume falling around 9% to $10.3 billion. Over the same period, rival Kalshi recorded a 13% increase, reaching $14.8 billion.
Why This Matters
The Nevada ruling strengthens the case for treating prediction markets, including Polymarket betting-style platforms, as gambling under U.S. state law rather than as federally regulated financial products. If other states follow Nevada’s approach, operators could face fragmented regulation, licensing requirements, and restricted market access across the U.S.
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People Also Ask:
Polymarket betting refers to trading event contracts where users speculate on real-world outcomes such as sports, politics, or economic events.
A Nevada court ruled that Polymarket’s event contracts likely qualify as gambling and require a state gaming license.
Polymarket is not fully illegal in the U.S., but several states have restricted or challenged its operations under gambling laws.
