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New York Gaming Commission challenges Kalshi over sports contracts

Regulation

New York's Gaming Commission sent Kalshi a cease-and-desist letter, arguing that its sports contracts amount to unapproved sports betting in the state. Kalshi sued in response, claiming federal Commodity Futures Trading Commission oversight applies; Assemblymember Clyde Vanel said he had introduced a bill to ban trading on several types of predictions.

The dispute puts the reach of New York gambling rules over prediction-market sports contracts before the courts.

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New York sues Kalshi over unlicensed prediction-market gambling

New York’s attorney general has sued Kalshi, alleging that its prediction markets constitute gambling and that it operates without a state licence. The state seeks to stop the service, recover alleged proceeds, compensate users and impose a penalty of up to three times the alleged proceeds; Kalshi has appealed an earlier ruling that denied its request to halt enforcement.

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