New York sues Kalshi prediction market alleging ‘illegal gambling operation’

The state of New York filed a lawsuit against Kalshi on Friday, accusing the prediction market company of running an "illegal gambling operation." New York is one of many states with cases against Kalshi and others in dispute with Trump gov't on who gets to regulate. states are seeking to crack down on prediction markets, but face pushback from federal regulators.

Calling it an ‘illegal, unlicensed gambling operation’, state seeks to halt Kalshi’s operations and force it to forfeit profitsThe state of New York has filed a lawsuit against Kalshi, accusing the prediction market operator of “running an illegal gambling operation”.The lawsuit, filed on Friday, was announced by Kathy Hochul, the New York governor, and Letitia James, the state attorney general. It seeks to force the New York-based company to forfeit its profits, provide restitution to harmed consumers and pay fines equal to three times its profits.