The State of Nevada has taken a decisive regulatory stance against Coinbase’s proposed launch of prediction markets, asserting that the activity constitutes sports wagering or gambling under state law and thus requires a full state gaming license. The Nevada Gaming Control Board (NGCB) issued formal guidance, effectively barring the crypto exchange from offering this feature to residents within the state without adhering to strict licensing requirements typically reserved for established casinos and sportsbooks.
Coinbase, which recently announced plans to integrate prediction market functionality—allowing users to bet on the outcome of future real-world events, including political races, sports contests, and economic indicators—has faced immediate pushback from jurisdictions known for strong gaming regulation. Nevada, home to the largest gaming industry in the United States, views these decentralized contracts as direct competition to regulated sports betting entities.
Regulators emphasized that the mechanics of prediction markets, where users place crypto collateral (stakes) on specific outcomes and receive payouts based on accuracy, meet the legal definition of a wager. As Coinbase currently lacks any specialized gaming license, proceeding with the launch in Nevada would constitute the illegal operation of a gaming enterprise. This regulatory action sets a significant precedent, underscoring that simply labeling an activity ‘decentralized finance’ does not exempt it from established state gambling laws.
Source: Nevada Moves to Bar Coinbase’s Prediction Markets Without State Gaming License
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