New York Sues Kalshi, Alleging Prediction Market Operates as Illegal Gambling Platform; Expert Weighs In

By Holt Hackney New York Gov. Kathy Hochul and Attorney General Letitia James have announced that the state has filed a lawsuit against KalshiEX LLC, alleging the company is operating an illegal, unlicensed gambling business through its online prediction market platform. The lawsuit, filed by the Office of the Attorney General, seeks a court order barring Kalshi from operating in New York, along with the forfeiture of alleged illegal profits, restitution for affected users and financial penaltie