On April 3, 2026 Judge Jason Woodbury issued a preliminary injunction (extending a March 20 TRO) finding Kalshi’s event contracts constitute unlicensed gambling and are functionally identical to sportsbook wagers. The court rejected Kalshi’s claim that the products are CFTC‑regulated “swaps.” Kalshi must implement mandatory geofencing and geolocation controls to block all Nevada participants by May 4, 2026. The firm plans to appeal and is facing related legal pressure and criminal charges in other jurisdictions, including Arizona.

Judge Jason Woodbury issued a preliminary injunction extending a prior TRO and ruled Kalshi’s contracts are unlicensed gambling, rejecting the company’s contention that they are CFTC‑regulated swaps; the court ordered mandatory geofencing by May 4, 2026. These are concrete legal restrictions and deadlines, and the company is pursuing appeals while facing related legal and criminal actions in other states.