Nevada has been the home of gambling and sports wagering in the U.S. for almost a century and 2026 could be another big year for betting on sports in the Silver State. With that in mind, let’s look at where the Nevada sports betting market stands and what could come next in 2026.
Nevada Sports Betting: Where Things Stand
It was a banner year for sports betting in Nevada. Nevada online sports betting sites and retail sportsbooks nearly surpassed the total revenue of 2024 by October 2025, according to the Nevada Gaming Control Board (NGCB).
January was one of the biggest months in Nevada sports betting history, with $72.5 million in revenue from online and retail sportsbooks – a 12.1% increase year-over-year compared to January 2024. However, despite the strong revenue numbers, the year ended with controversy.
In October, the NGCB issued a notice against sites that offer prediction markets and event contracts. In a letter to license holders, the NGCB said, “The Board considers offering sports event contracts, or certain other events contracts, as constituting wagering activity.”
At the end of November, a Las Vegas federal court judge upheld the NGCB’s stance, saying that the agency has the right to regulate prediction markets as sports betting and “wagering activity” under Nevada state law. Kalshi has announced plans to appeal the decision, while other top Nevada sportsbooks have decided to leave the market entirely.
DraftKings and FanDuel withdrew their pending Nevada sports betting license applications in November, citing the NGCB’s decision to crack down on prediction markets. Robinhood stopped offering its event contracts in Nevada on Dec. 1, “while we work with the court toward a resolution.”
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What's Next?
With how 2025 ended, it’s not hard to predict that the issue of prediction markets will dominate the Nevada sports betting headlines in 2026.
So far, it seems that the NGCB has no reason to alter its stance on prediction markets and event contracts. A judge has sustained their right to regulate these markets, and there are enough sportsbooks willing to stay in Nevada to soften the blow of giants like DraftKings and FanDuel leaving. Some companies, like BetMGM, have even voiced support for the NGCB’s crackdown on prediction markets.
However, Kalshi says that it will appeal the federal court’s decision against it. The said appeal will likely be filed in early 2026. Barring legislation at the federal level, which is not likely, the future of prediction markets in Nevada should be resolved in 2026.
Notes and Quotes
- The lack of tourism to Las Vegas was a major story all throughout 2025. However, in August, Circa Sports CEO Derek Stevens said the issue was “exaggerated.”
- “It is without a doubt sports betting, full stop,” said MGM Resorts International CEO Bill Hornbuckle about prediction markets.
- “No one should have to pay taxes on money they didn’t win,” said Nevada Rep. Dina Titus (D) in July, after introducing the FAIR BET Act to restore the 100% tax deduction for gaming losses.
Year in Review
July 7: Nevada Rep. Dina Titus (D) introduced the FAIR BET Act to reverse changes made by President Donald Trump’s “One Big Beautiful Bill Act” to the percentage of gambling losses available to be deducted from taxes.
Oct. 14: The NGCB issued a letter to sports betting license holders, warning that offering prediction markets may affect their existing Nevada licenses.
Nov. 12: DraftKings and FanDuel surrendered their Nevada sports betting licenses.
Nov. 25: United States District Court judge Andrew Gordon ruled against Kalshi, holding that the NGCB has the right to regulate prediction markets as “wagering activity” under Nevada law.
Dec. 1: Robinhood paused its event contracts platform in Nevada.
