Nevada court bars Polymarket event contracts

A Nevada court has barred Polymarket from offering event contracts, citing gaming law violations and rejecting federal preemption. The order stands until a February 11 hearing.

A Nevada state court has issued a temporary restraining order against Blockratize, the operator of the decentralized prediction market Polymarket. The order prohibits Polymarket from offering sports and event-based contracts to Nevada residents for two weeks. Judge Jason Woodbury sided with the Nevada Gaming Control Board, finding that Polymarket’s activities likely violate state gaming laws and are not protected by federal derivatives oversight. The court determined that bypassing Nevada's regulatory framework poses immediate and irreparable harm. The restraining order, which also applies to related entities, will remain in effect until a February 11 hearing on a preliminary injunction. This action highlights increasing regulatory scrutiny of prediction markets. If the injunction is upheld, platforms like Polymarket may need to secure state gambling licenses or halt certain offerings. The ruling signals a shift toward stronger state-level oversight of decentralized finance platforms.