Tribal gaming advocate Jason Giles and Nevada Gaming Control Board Chairman Mike Dreitzer challenged Kalshi’s claim that its sports-event contracts qualify as swaps, arguing that the products remain subject to gaming oversight. They raised their objections during the Indian Gaming Association’s weekly New Normal webinar, according to CDC Gaming, as state and tribal regulators contest the legal classification used by prediction-market companies.

Kalshi and other operators describe their sports contracts as innovative products that meet the legal definition of a swap. Giles, the Indian Gaming Association’s executive director, questioned what tribes signing agreements with Kalshi gain from the partnerships and warned that waiving tribal-sovereign immunity could expose tribes to future lawsuits.

Nevada says operators need a license

Dreitzer said Nevada welcomes new technology, but companies seeking to operate in the state must obtain a gaming license like other businesses.…