New York Attorney General Letitia James has filed a lawsuit against the prediction market platform Kalshi, claiming that it has been operating illegal gambling activities without the necessary state license. The lawsuit aims to cease operations of the platform, seek restitution for users, and impose fines that could total over $36 billion.
The allegations suggest that Kalshi permitted betting on various events, including sports, cultural happenings, and elections, which raises concerns about the potential risks to minors. Governor Kathy Hochul emphasized that this operation violates consumer protection laws.
