Absent from defendants’ argument is reference to Kalshi’s asserted reputational harms. The loss of business and goodwill may constitute irreparable injury. Marine Elec. Sys., Inc. , 644 F. Supp. 3d at 95; see also Guardian Life Ins. Co. of Am. v. Estate of Cerniglia , 446 F. App’x 453, 456 (3d Cir. 2011) (“Grounds for irreparable injury include loss of control of reputation, loss of trade, and loss of good will.” (quoting Kos Pharm., Inc. v. Andrx Corp. , 369 F.3d 700, 726 (3d Cir. 2004))). The declaration of Kalshi’s head of markets states that the prospect of facing civil or criminal enforcement or complying and compromising the integrity of its contracts imperils the reputation Kalshi has cultivated over several years. (Sottile Decl. pp. 14, 15.) This is virtually the same “Hobson’s choice” discussed in Hendrick . See 2025 WL 1073495, at *7. I am particularly persuaded by the representation that a similar cease-and- desist letter has already led one partner to decline to list Kalshi event contracts in New Jersey. (Sottile Decl. p. 14.) Therefore, I find that — at minimum — Kalshi has identified harms to its reputation and goodwill that are both likely without injunctive relief and not able to be remedied following trial. C. Balance of Interests The parties’ arguments as to the public and defendants’ combined interests unsurprisingly boil down to their positions on the merits. Kalshi submits that because New Jersey law is preempted here, there is no public interest in enforcement. (Kalshi Mot. pp. 24, 25.) Defendants respond that states are harmed when they are enjoined from enforcing their laws and that New Jersey has an especially strong interest in regulating gambling. (Defs.’ Opp’n Br. pp. 48, 49.) Revenues collected from gambling help support senior citizens and treatment for gambling addiction and a finding for Kalshi will encourage copycats to similarly evade state law. ( Id. pp. 49, 50.) Because I found above that Kalshi has established a likelihood of success in demonstrating that New Jersey law is preempted as applied to its sports-
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