Nevada sues Coinbase for providing unlicensed sports betting contracts

The Nevada Gaming Control Commission has filed a lawsuit in the First Judicial District Court of Nevada, accusing Coinbase of providing unauthorized sports contract betting services through Coinbase Financial Markets division, and requesting the court to issue a temporary restraining order and preliminary injunction, requiring Coinbase to cease operating sports betting related derivative exchanges and prediction markets in Nevada. The lawsuit occurred less than a week after Coinbase announced its partnership with Kalshi to launch a predictive market service. Nevada has previously taken similar actions against Polymarket, and the court has approved a restraining order prohibiting it from providing event based contract betting to residents within the state.