Is Kalshi legal in Louisiana?

The ex parte temporary restraining order was issued at 3:48 p.m. on November 12, 2026 by Judge Jeffrey Johnson of the 21st Judicial District Court, Parish of Tangipahoa (p.4). Attorney General Liz Murrill posted it that evening, and that copy is the one we read; its docket number line is blank (p.1). The case is State of Louisiana v. Kalshi Inc. et al. Five Kalshi companies are defendants: Kalshi Inc., Kalshi Klear Inc., Kalshi Klear LLC, KalshiEX LLC and Kalshi Trading LLC (p.1).

The order restrains the defendants, their officers, agents and employees, and "all persons in active concert or participation with them who receive actual knowledge of this Order" (p.2). It bars four things:

• Event contracts. Offering, clearing, settling, brokering or otherwise facilitating any "event contract" for anyone located in Louisiana without a license and permit under Title 27, Chapter 10 (pp.2-3, para. (a)). It defines the term to include contracts "related to sports, elections, awards events" and any money risked on an event whose outcome is uncertain (p.3).
• Market access. "Accepting, facilitating, or allowing any wager from, or allowing market access to, any person located in Louisiana" (p.3, para. (b)).
• Geofencing. Failing to geofence Louisiana so the paragraph (a) offerings cannot be reached from inside the state (p.3, para. (c)).
• Marketing. Telling anyone in Louisiana that the contracts are "lawful, licensed, or authorized in Louisiana" (p.3, para. (d)).

The order names sports, elections and awards. It does not name Kalshi's other categories, such as economics or climate, and its market-access paragraph is not limited to any category (p.3, para. (b)).

We have not read the State's petition. The order recites its title, "Petition for Temporary Restraining Order, Preliminary Injunction, Civil Penalties, and Other Relief" (p.1), and gives the attorney general's authority as La. R.S. 27:19.1(G) and 27:19.2, which let her sue to restrain "gambling by computer" and seek ex parte orders to "remove or disable access to a website" (p.1). Kalshi's federal complaint says those enforcement provisions took effect on August 1, 2026 (ECF 1, p.4, ¶5).

In the order, the court states that the petition "makes clear that Defendants are currently violating La. R.S. 14.90.3 among other Louisiana laws" and that the equities warrant immediate relief (p.2). It required no bond, because the State sues in defense of its sovereign interests, and no notice, saying the State certified ongoing harm and the defendants had constructive notice "through media and other outlets" (p.2). Those are findings in an order made without hearing the defendants.

Kalshi's complaint quotes the Louisiana Gaming Control Board as saying it "sees no defense to offering such activity pursuant to a CFTC license" (ECF 1, p.2, ¶2). Louisiana exempts sports wagering from its gambling crimes only when it is "conducted in compliance with" the state's sports-wagering laws, the complaint says, and a violation of the gambling-by-computer statute carries fines of up to $100,000 (pp.3-4, ¶¶3-4).

The order says nothing about withdrawals, deposits or closing an account. It bars "clearing" and "settling" any event contract for anyone in Louisiana (p.2, para. (a)) and does not say what happens to positions opened before November 12. We found no statement from Kalshi about Louisiana accounts, and no order addressing customer money.

The order sets a hearing on the State's motion for a preliminary injunction for November 30, 2026 at 9:00 a.m. in the same court (p.3). It "shall expire by its terms at the same hour on the tenth day after issuance" unless the court extends it for good cause, in periods of up to ten days, or the defendants consent to a longer period (p.3). The State must serve the order, the petition and its motion on every defendant and file proof of service (p.3).

We could not read the Tangipahoa Parish docket, and found no extension, stay or dissolution as of November 13, 2026, and no notice moving the case to federal court. A filing made since may not show in what we read.

Kalshi sued first. On October 23, 2026 KalshiEX LLC sued the attorney general, Governor Jeff Landry, the Gaming Control Board and its members, State Police gaming enforcement and other officials in the Western District of Louisiana, No. 1:26-cv-04476. It asks the court to bar them from enforcing the state's gambling and sports-wagering laws against its exchange (ECF 1, p.5, ¶7; p.33). Its argument is that federal law gives the CFTC "exclusive jurisdiction" over contracts traded on a designated contract market (ECF 1, p.2, ¶1), and the CFTC designated Kalshi as one in 2020.

On November 12, the day the State sued, Kalshi moved before Judge Jerry Edwards, Jr. for an order "enjoining Defendants from enforcing any Louisiana law against Kalshi" over its exchange (ECF 23, p.2). The motion says Kalshi "believes that the State will initiate an action against Kalshi in state court" (p.2). We found no ruling or hearing date as of November 13.

Federal appeals courts have split on the question at the preliminary stage: the Third Circuit ruled for Kalshi, and the Sixth and Ninth for the states. Louisiana is in the Fifth Circuit, and we found no ruling from it on Kalshi's contracts. Kalshi Supreme Court tracker follows the petitions, and the Kalshi gambling guide sets out both readings.

Yes, by name. The same order lists Robinhood Markets and Robinhood Derivatives, Coinbase Global and Coinbase Financial Markets, QCX LLC (Polymarket US), Crypto.com entities, Ludlow Exchange (Novig), Underdog, Gemini, ForecastEx, IG Group Holdings and ProphetX among its 31 defendants (p.1). Webull is not named. The order also reaches anyone in active concert with a defendant who knows of it (p.2). A Nevada state court also issued a restraining order against Kalshi, on March 20, 2026 (Kalshi in Nevada), and every other state's status is on the Kalshi legal page.

A state court's order on Louisiana gambling law is not a ruling on how a trader's own gains and losses are taxed. How Realize rebuilds a Kalshi year for the federal return is in how to file Kalshi taxes.