Nevada court issues temporary restraining order to Polymarket, finding it to constitute unauthorized gambling behavior

The Nevada court has issued a 14 day temporary restraining order to Blockratize, the operator of the predictive market platform Polymerket, demanding that it immediately cease providing event based contract transactions to residents of the state. The court determined that the sports and other event market contracts provided by Polymarket constitute unauthorized gambling activities, rather than regulated financial products. The judge pointed out that if the platform continues to operate without a gambling license, it will cause "immediate" and "irreparable" damage to the state's ability to regulate gambling integrity, prevent underage gambling, and enforce suitability standards. The court rejected Blockratize's defense that the Commodity Exchange Act grants exclusive jurisdiction to the U.S. Commodity Futures Trading Commission (CFTC) and ruled that state-level gambling laws still apply.