Nevada gaming regulators file to dam prediction market Polymarket

LAS VEGAS (KSNV) — Nevada’s gaming regulators introduced a civil motion searching for to cease the prediction market platform Polymarket from working within the state.

The Nevada Gaming Control Board stated in a letter dated Jan. 16 {that a} grievance was filed in opposition to Polymarket in Carson City District Court.

The grievance is asking for a declaration and injunction that may cease the prediction market “from offering unlicensed wagering in violation of Nevada law,” a information launch states.

Polymarket permits customers to put bets on future occasions, together with political outcomes. The platform’s web site states that individuals “buy and sell shares representing future event outcomes,” however in contrast to sportsbooks, customers wager in opposition to each other relatively than the “house.”

The Gaming Control Board says it considers “sports event contracts, or certain other events contracts, to constitute wagering activity” beneath state regulation, and Polymarket should be licensed.

“Nevada’s public policy, as expressed by the Legislature, is that the gaming industry is vitally important to the economy of the state and the general welfare of the inhabitants and therefore must be licensed, controlled, and assisted to protect the public health, safety, morals, good order, and general welfare of the inhabitants of the State,” the board stated in its launch.

News 3 has reached out to a Polymarket consultant for remark.