Kalshi settles Nevada sports market dispute, faces Netflix documentary fight

Kalshi has until August 12, 2026, to complete geofencing in Nevada under a settlement with the Nevada Gaming Control Board or face penalties of $120,000 per day, while separately demanding that Netflix pull a documentary trailer before its July 26 premiere over what Kalshi says is a fabricated trade slip implying unlawful sports trading in the state. The dispute with Netflix centers on a scene in the trailer for “Instadocs: The Prediction Games,” which follows the rise of prediction markets and includes appearances by CFTC Chairman Michael Selig, Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan. Kalshi sent a cease-and-desist letter on July 24 seeking removal of the trailer and a public retraction, arguing that the footage suggests it allowed sports betting in Nevada despite a court order. Kalshi says the trade slip shown in the trailer is inconsistent with its platform because it is dated May 16, 2025, displays the word “crop,” and uses the phrase “bet slip,” which the company says has never appeared on its interface. Brandon Beckhardt said Kalshi had flagged the issue before the trailer was released and called the film a “sensationalized film built on fiction.” Netflix denied fabricating footage and said the disputed trade was placed in May 2025, before any Nevada restrictions existed. The company said the scene was filmed at a private Winible World Cup Watch Weekend event in Las Vegas, while Winible said the trade was placed outside Nevada and that tracking a position from any location is legal. The trailer remained online as of July 25. The broader clash comes as prediction markets expanded rapidly in 2025 and 2026, drawing state-level resistance even as Kalshi and Polymarket handled billions of dollars in trading around major events such as the 2026 FIFA World Cup final.