New York State is taking aim at a prediction market company, filing a lawsuit against Kalshi over allegations of operating an illegal gambling operation. The lawsuit claims that Kalshi's platform, which allows users to buy and sell contracts based on future events, constitutes a form of unauthorized online gambling. The state's attorney general argues that Kalshi's business model is a thinly veiled attempt to circumvent existing laws regulating gaming in New York. As the state continues to crack down on online gaming, Kalshi's future hangs in the balance as it faces the prospect of significant fines and potential shutdown.
NY sues prediction market company Kalshi over alleged illegal gambling Lohud
