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.
The case could determine how New York applies its gambling laws to Kalshi’s prediction markets.