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New York sues Kalshi, says its prediction markets are illegal gambling
Attorney General Letitia James says the platform took sports and event wagers without a state license and sought triple damages and $100,000 fines per violation.
- On Friday, New York Attorney General Letitia James sued Kalshi, alleging the prediction-market platform operates as an unlicensed gambling business offering unauthorized wagers on sports, elections, and cultural events.
- Officials allege Kalshi allows users aged 18 to 20 to participate despite New York law requiring bettors to be at least 21. James argues the platform's contracts are "quintessentially gambling" because outcomes remain outside participants' control.
- New York Governor Kathy Hochul and James seek civil penalties equal to three times Kalshi's alleged gains, plus $100,000 for each unauthorized offer of sports or mobile sports wagering. The state also demands restitution to affected consumers.
- A federal appeals court cleared the path for the lawsuit on Wednesday by denying Kalshi's request to pause a lower court's ruling that New York's gambling laws apply despite federal regulation.
- James filed similar petitions in April against Coinbase Financial Markets and Gemini Titan. Prediction markets have soared in popularity since the 2024 election, sparking legal battles over whether states or the federal government should regulate the industry.
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102 Articles
102 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = The New York State government has filed a lawsuit against the large prediction market platform 'Calci' on charges of operating illegal gambling.
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It’s A Gambling Platform “Plain And Simple”; New York Sues Kalshi
It’s A Gambling Platform “Plain And Simple”; New York Sues Kalshi Authored by Olivier Acuna via CoinDesk.com, New York sued prediction-market Kalshi, alleging it offers sports and event wagers in the state without a gaming license. The petition, filed in the New York Supreme Court on Friday, asks a judge to bar the company from operating an unlicensed...
Coverage Details
Total News Sources102
Leaning Left19Leaning Right12Center43Last UpdatedBias Distribution58% Center
Bias Distribution
- 58% of the sources are Center
58% Center
L 26%
C 58%
R 16%
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