Prediction Markets Lawsuit

New York officials have sued prediction market platform Kalshi for potentially billions of dollars, calling it an “illegal, unlicensed gambling operation” as the state seeks to halt its operations and force the company to forfeit its profits. New York joins a growing number of states filing lawsuits against Kalshi and other companies in a dispute with President Donald Trump’s administration over who regulates the fast-growing prediction market. New York's lawsuit was filed Friday in state Supreme Court in Manhattan. Kalshi and other platforms argue they are federally licensed and regulated, and states have no authority to govern them.