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Nevada regulators have submitted a request, known as a motion to compel discovery, from predictions market Kalshi to disclose key information relating to its federally approved business.
The news comes as a wider tightening of legal knots is coming into focus in Nevada against predictions markets like Kalshi and Crypto.com (Crypto).
Kalshi under scrutiny from Nevada regulators
We reported that a Nevada Judge, Andrew Gordon, recently refused a request for an injunction by the latter company to allow it to continue to offer sporting betting lines.
Crypto’s legal team did not see the validity in the decision, given that Kalshi has been allowed to run near identical products. However, Judge Gordon’s decision stated, “Crypto’s contracts explicitly refer to outcome. I see outcome different from occurrence.”
Now, legal specialist and gambling commentator Daniel Wallach has produced an update on Kalshi’s legal dealings in the state of Nevada, after it was issued a cease-and-desist in March.
He posted to social media, saying that Kalshi has refused to produce any information or correspondence with the Commodity Futures Trading Commission (CFTC) on their business model.

NEW: Nevada files motion to compel discovery from Kalshi, seeks CFTC correspondence and internal communications discussing financial, commercial, or economic consequences associated with sports event contracts; says Kalshi has refused to produce any internal communications. pic.twitter.com/N4lSTndLhf
— Daniel Wallach (@WALLACHLEGAL) October 9, 2025

Wallach continued that the legal documents focused on four particular subsections, which surround Kalshi’s “ability or inability to comply with state law.”
Kalshi’s motion to compel discovery
The eagle-eyed gambling commentator goes into detail around Kalshi’s correspondence surrounding “financial, commercial, or economic consequences of the events on which their contracts are based and whether they satisfy the definition of a ‘swap’.”
The second question was aimed at Kalshi’s legal grey areas and whether the company knowingly strays into illegal betting territory.

“Documents and communications concerning Kalshi’s ability or inability to comply with state law, and the supposed challenges associated with doing so—subjects Kalshi put at issue and addressed in a sworn declaration—are plainly relevant and should be produced. And to the extent certain responsive communications are privileged, they should be included on a privilege log.” – KalshiEx LLC vs Hendrick et al

Wallach highlighted the next point asked of the New York-based company, “whether its event contracts may fall within a prohibited category, including because they relate to gaming or unlawful activity.”
Finally, questions three and four intersect and surround Kalshi’s compliance with the “Core Principles” of the CFTC, asking what the company’s “bases for certifying that its event contracts serve legitimate risk mitigation and price discovery purposes rather than pure recreational purposes.”
Kalshi, according to the court documents provided by Wallach, has not yet satisfied the Nevada parties that are seeking more clarity.
So the decision to request this information, which would provide the key correspondence the company has had with the CFTC, could be a big factor in the future of prediction markets in The Silver State.
In the meantime, Wallach has produced key information suggesting that possible sanctions on Kalshi’s current Nevada business could be forthcoming.

Nevada seeks sanctions against Kalshi:
“Kalshi’s use of unsupported boilerplate objections and continued refusal to produce requested documents concerning issues that the Court has already determined are properly the subject of discovery is unjustified.” pic.twitter.com/TQs0jH2qAV
— Daniel Wallach (@WALLACHLEGAL) October 10, 2025

“Kalshi’s use of unsupported boilerplate objections and continued refusal to produce requested documents concerning issues that the Court has already determined are properly the subject of discovery is unjustified.”
Featured image: Canva / Kalshi
The post Nevada files motion for key CFTC and Kalshi documents appeared first on ReadWrite.

Bally’s Corporation (Bally’s) has completed a €2.7 billion ($3 billion) deal with Intralot S.A. (Intralot) to transfer a majority share of holdings in the company.
A key part of the partnership for Bally’s is a 58% stake in the Greek lottery name alongside some leading digital assets that have been a hallmark of Intralot’s offerings.
Bally’s will take a decision making role in shaping Intralot’s future strategy and, as a result, control of the company’s international technology division as part of the agreement.
Bally’s majority share in Intraot
Bally’s is a global name in the table game and iGaming industry, with nineteen casino locations across multiple states, as well as a New York golf course, and a race track in Colorado.
We reported that the terms of this merger were being laid down in June 2025, with approval pending from Intralot shareholders and regulatory authorities.
At that time, it was agreed that Sokratis Kokkalis, the founder of Intralot and current Chairman, would retain a substantial stake as a result of the deal.
One of the key changes is the percentage of holdings Bally’s will have, as it was projected to increase from 26.86% to 33.34%; however, the recent release indicates a total majority of 58%, as a result of a new share release.
Kokkalis mentioned in the shared release, saying, “Today’s listing of the new Intralot shares on the Athens Stock Exchange, which were issued as part of the broader transaction for the acquisition of Bally’s International Interactive division of Bally’s Corporation, marks a historic moment for our company.”
Intralot merger details
The merger involved €1.53 billion ($1.74 billion) in cash and €1.136 billion ($1.31 billion) of newly issued shares to Bally’s.
CEO of Bally’s, Robeson Reeves, said of the closing of the deal, “This is a milestone transaction for Bally’s. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth.”
Bally’s will assume control of the smaller company’s lottery holdings, with a view to expanding its existing reach. Intralot, “will retain its leadership, technology stack, and proven digital capabilities,” despite the takeover.
There is also the recent news that we covered on the Bally’s Bronx casino location being approved in a recent vote, which marks a busy fall season of decision-making by the entertainment giant.
The $4 billion endeavour involves a golf course run by the Trump family, who will be given a financial windfall of $151 million for the successful acquisition of a casino license at the Ferry Point location.
Featured image: Bally’s / Intralot
The post Bally’s completes $3 billion merger deal with Intralot appeared first on ReadWrite.

Brazil’s Chamber of Deputies has reneged on a proposal for gambling operators to be subject to a retrospective 10-year tax, after Congress blocked the bill.
The update came on Wednesday (October 8), after an amended version of PM 1303 was passed by the Chamber, which aimed to address various economic policies in the South American nation.
If adopted, the retrospective tax (for up to 10 years before regulation) would have replaced earlier plans for a permanent gambling tax increase. That would have seen taxes rise from 12% to 18% of gross gaming revenue (GGR).
GGR is the total amount of money received from bettors, once all winnings have been paid out.
It appeared that the tax increase would be introduced after PM 1303 was approved by a congressional joint committee on Tuesday (13-12), but the wider proposal will now be scrapped after Congress did not give its backing to the bill.
Brazil’s gambling tax could end up ‘affecting public finances’
Senator Rehan Calheiros, a proponent of PM 1303 and the chair of the joint committee that assessed the legislation, said the bill’s failure could result in a detrimental impact on finances.
The amended bill, inclusive of other economic measures, was due to raise up to BRL17 billion ($3.2 billion) in additional revenue through to the end of next year.
“This is very bad. It ends up affecting public finances. I think it’s regrettable,” stated Calheiros.
What’s next for retrospective gambling taxes in Brazil?
While PM 1303 will not progress any further, it is unlikely to be the end of retrospective taxes, with an expectation that the issue will rise again, sooner rather than later.
The government will not want to give up on the BRL 5 billion ($932 million) that can be collected from this source, and the gambling industry is expecting a further attempt, even if the timing is unclear at present.
A working group, with representatives from the Secretariat of Prizes and Bets and the Federal Revenue Service (RFB), was initiated in January to ensure the licensed betting sector is adhering to all tax requirements.
As part of its remit, the group is also pushing to recover taxes unpaid by the grey market, with an overlap into enforcement and revenue raising for licensed operators.
Within the Brazilian Institute for Responsible Gambling (IBJR), the approved sector told Congress in August to focus on $6.4 billion gambling revenue losses to the black market, but regulators and lawmakers are continuing to maximize tax returns across the board.
Image credit: Canva
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