TLDR

• New York sued Kalshi over claims that it operates an illegal gambling platform without a state license.
• Attorney General Letitia James wants the court to block Kalshi from offering event contracts in New York.
• The lawsuit seeks at least $36 billion in damages, pending a full review of Kalshi’s revenue.
• New York also wants user restitution, repayment of proceeds, and penalties equal to three times Kalshi’s gains.
• State officials claim Kalshi allowed betting on sports, elections, and cultural events without regulatory approval.

New York has filed a lawsuit against Kalshi, accusing the prediction market platform of running an illegal gambling business in the state. The case seeks to stop the company from offering event contracts and demands at least $36 billion in damages.

Attorney General Letitia James filed the lawsuit on Friday. Her office claims Kalshi lets users bet on sports, elections, culture, and events without a state gaming license.

Kalshi Faces New York Gambling Lawsuit

The complaint argues that Kalshi’s event contracts meet New York’s legal definition of gambling. State officials say the company operates without approval from the New York State Gaming Commission.

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