New York's Attorney General has taken aim at the burgeoning world of prediction markets, filing a lawsuit against Kalshi, a popular online platform that allows users to bet on real-world events. The state alleges that Kalshi is operating an "illegal gambling" operation, citing the company's failure to comply with New York's gaming regulations. Kalshi, which has gained significant traction since its launch in 2020, allows users to buy and sell contracts on a wide range of topics, from sports and politics to economic indicators. The lawsuit could have major implications for the prediction market industry, which has been growing rapidly in recent years.
New York Sues Kalshi for Running ‘Illegal Gambling’ Operation Bloomberg.com
