Nevada Seeks $120,000-a-Day Fine Against Kalshi's Flawed Geofence on June 12

KALSHI-2.31%
According to Nevada Gaming Control Board filing on June 12, investigators purchased prohibited sports and election contracts from inside Nevada, exposing flaws in Kalshi's IP-based geofence system. The board alleged Kalshi violated a May 18 order by failing to properly block residents from trading event contracts across eight purchases between May 28 and June 1, and again in tests from June 8 to June 11 during the World Cup. Nevada is seeking $120,000 per day in fines, calculated as 1/50 of Kalshi's estimated daily fee revenue. Kalshi responded that the blockage was a technical glitch and blamed the board for not communicating before filing for contempt.
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