2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
53 THE COURT: And so you're going to deny the license,
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and so that doesn't really help us, that option, Door Number 3. Applying for a license doesn't get Kalshi anywhere because it seems to be preordained, not in a pejorative or derogatory sense, that you're not going to let them do what the CFTC allows them to do. MS. WHELAN: Well, if they want to participate in the Nevada market, they can tailer their contracts to exclude 18, 19 and 20-year-olds. I haven't seen any evidence about what percentage of their contracts is that age group on these two specific areas of contracts, so, you know, I can't speak to that. THE COURT: Let me switch gears slightly. Just in the general sense of regulating gaming in Nevada, I'm often intrigued by how sports betting or election betting is different from the stock market. The Gaming Control Board, the Gaming Commission regulate betting on sports. It doesn't regulate betting on stocks, right? You don't regulate the Amex or the NASDAQ or the Chicago Mercantile, and yet they seem to be very similar. Someone can study stocks and say, I see trends, I see good profitability, just like someone could study the Raiders and say, Maxx Crosby is in for a career year, he's got his contract up, whatever it may be, and so similar studying, similar financial impacts on people, similar exposure to risks unforeseen or foreseen, like somebody tears an
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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