Overview
Nevada’s federal track, and the case most often garbled in summaries of this fight. Kalshi won a preliminary injunction against Nevada in April 2025 — an early platform victory — and then the same judge dissolved that injunction in November 2025, finding Kalshi unlikely to establish that its contracts are "swaps." The reversal is what makes Nevada a genuine swing state rather than a straightforwardly hostile one, and it runs alongside the separate state-court geofencing matter. (Docket number and the dissolution date are secondary-sourced from a published case report and a citation in the August 2026 Utah decision; not docket-confirmed, so the caption is best-supported rather than verified.)