New York sues Kalshi, says its prediction markets are ‘illegal gambling’
- New York officials have sued prediction market platform Kalshi, calling it an “illegal, unlicensed gambling operation” as the state seeks to halt its operations and force the company to forfeit its profits.
- With its lawsuit on Friday, New York joins a growing number of states filing cases against Kalshi and other companies in a dispute with United States President Donald Trump’s administration over who regulates the fast-growing prediction market.
- Kalshi and other platforms argue they are federally licensed and regulated, and states have no authority to govern them.
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- New York officials have sued prediction market platform Kalshi, calling it an “illegal, unlicensed gambling operation” as the state seeks to halt its operations and force the company to forfeit its profits.
- With its lawsuit on Friday, New York joins a growing number of states filing cases against Kalshi and other companies in a dispute with United States President Donald Trump’s administration over who regulates the fast-growing prediction market.
- Kalshi and other platforms argue they are federally licensed and regulated, and states have no authority to govern them.
Sources: Al Jazeera