2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
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MS. WHELAN: I think it should be more than de minimis. We don't have kind of the evidence of the volume of contracts that they're doing in Nevada, so it's hard for me to give a number. I think that the most concrete loss that Nevada is suffering throughout all of this has to do with tax revenue. So we're losing out on tax revenue on two fronts, first, the tax revenue that we would collect from Kalshi if it were a licensed sportsbook; and, second, the tax revenue we're missing out on from Nevada licensed sportsbooks due to the wagers that are not being placed there that are instead on Kalshi's exchange. THE COURT: The competitors, in a sense? MS. WHELAN: Exactly. And so, you know, that's actual harm that Nevada is suffering. If Kalshi were to apply for licensure and become licensed, then Nevada would have the benefit of that tax revenue. And, of course, I'd be remiss if I didn't mention what Your Honor stated, which was the injury to all Nevadans, that, you know, Nevadans are suffering from the lack of the disputes/resolution process; if Nevadans come back to the State and start seeking, you know, restitution or something for the harm that they've -- that they claim to have suffered. So it should be more than de minimis, definitely. THE COURT: Conversely, if I grant your motion for an injunction, what should the bond be that I require the State
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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