Nevada authorities file lawsuit against Coinbase over unlicensed wagering

The enforcement action over wagers on sports event contracts followed Coinbase announcing the launch of prediction markets in all 50 US states.

The Nevada Gaming Control Board announced that it had filed a civil enforcement action against Coinbase over wagers on sports event contracts.

In Monday filings in the First Judicial District Court of the State of Nevada in and for Carson City, the Nevada Gaming Control Board sued Coinbase Financial Markets over allegations the company offered unlicensed wagers on sporting events. Authorities followed by requesting that the court grant a temporary restraining order and preliminary injunction preventing Coinbase from “operating a derivatives exchange and prediction market” related to sporting bets.

“The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens,” said Mike Dreitzer, chair of the Nevada Gaming Control Board, in a Tuesday statement. “The action taken yesterday reinforces this obligation.”

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