Nevada regulators have filed a lawsuit against prediction market platform Kalshi, seeking to halt its operations over allegations of running an unlicensed sports betting business. The lawsuit follows Kalshi's significant growth, with trading volume on Super Bowl Sunday reportedly 27 times higher than the previous year. Kalshi has requested the case be heard in federal court, arguing that only federal law governs prediction markets, and that the state's actions overlap with ongoing federal proceedings. A spokesperson for Kalshi declined to comment further on the matter.