A Nevada federal judge has denied a preliminary injunction request from Crypto.com, preventing it from offering prediction market contracts on sporting events in the state without a license, mirroring a similar decision in Maryland against Kalshi, but standing in contrast against Kalshi wins in New Jersey and in Nevada, Texas Capital says in a research note. The ruling marks regulatory momentum against prediction market usage of event contracts, the firm says, adding that regulated gaming companies continue to have the long-term edge in most scenarios. Publicly traded companies in the space include DraftKings (DKNG) and Flutter (FLUT).
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