A member of the Nevada Gaming Control Board has put companies that sell derivative prediction market contracts in the state on notice — “the gig is up.”

Board member George Assad, a retired Las Vegas Municipal Court judge, said companies like KalshiEx LLC and Crypto.com that have written contracts on sports outcomes that are similar to sports bets won’t be tolerated in the state and that recent judicial rulings are starting to acknowledge that.

“These judges are starting to wake up and they’re starting to see that this word salad that they’ve been producing is nothing more than a word salad,” Assad said during a public comment portion of Wednesday’s Control Board agenda.

“A derivative contract, whatever you want to call it, is nothing more than a sports wager,” he said. “A sports wager

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