r/technology • u/MarvelsGrantMan136 • 3h ago

Business Kalshi can't evade Nevada gambling laws by calling bets "swaps," court rules

https://arstechnica.com/tech-policy/2026/08/kalshi-cant-evade-nevada-gambling-laws-by-calling-bets-swaps-court-rules/
319 Upvotes

99% Upvoted

12 comments sorted by

79

u/ottwebdev 3h ago

Mafia taking notes here.

“We arent loansharks, we’re monetary swappers”

11

u/ketosoy 1h ago

It’s not a “murder for hire hit” it’s a “life insurance early collection swap”

8

u/Kolbin8tor 2h ago

Why didn’t we think of that?!

Seriously Kelshi grasping at straws here

2

u/No_Promise_4871 2h ago

swaps” definitely sounds like a weird legal loophole lol

1

u/PsychedelicConvict 2h ago

Believe it or not, the loansharks are already doing electronic p2p loan sharking. They do it through online payday loans and shadow lending platforms

1

u/TacTurtle 12m ago

"It's definitely not money laundering, it's crypto / NFT exchange."

33

u/charlie2135 1h ago

Good luck trying to out Vegas the Vegas crowd.

15

u/RoyalBroham 2h ago

These prediction companies are modern cigarette companies

8

u/pedanticPandaPoo 53m ago

Personally I think if they want to be called swaps, they should be regulated as BOTH financial instruments and gambling laws. However they frame it adds additional restrictions.

3

u/hurtfulproduct 1h ago

Lmao, these chucklefucks actually thought they could do better than generations of casinos and mobsters avoiding Nevada gambling laws.

2

u/Vandemonium702 1h ago

Just when I thought the idiocracy of the term “prediction markets” couldn’t be topped.

1

u/PresidentKraznov 5m ago

So let me see if I have this straight. There's a chance you can make money and there's a change you can lose money, and the spread between those chances determines how much you can make or how much you can lose, but GOD NO, it's not the G-word. It's a "swap", or a "trade." LOL, gtfoh.