The Attorney General of New York, Letitia James, has initiated a lawsuit against the prediction platform Kalshi, accusing it of conducting illegal gambling operations without a license from the state’s gaming commission. The state is seeking to shut down the platform, demand user compensation, and impose fines that could exceed $36 billion.
According to the allegations, Kalshi allowed betting on sports, cultural events, and elections, potentially putting minors at risk. Governor Kathy Hochul stated that the initiative disregards laws designed to protect consumers.