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New York state sued prediction market platform Kalshi on Friday, alleging that the company is running an “illegal gambling operation.”
In a case filed in a Manhattan state court, the lawsuit claims that Kalshi accepts wagers as a gambling business in disregard for the state’s constitution and laws by not being registered with the New York State Gaming Commission.
“No matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple,” said New York Attorney General Letitia James in a press release announcing the lawsuit. “By ignoring our laws, Kalshi is running an illegal operation and harming New Yorkers in the process.”
Governor Kathy Hochul in the press release said the state is taking the action to stop what it views as illegal behavior and bring the company into compliance with New York law. The lawsuit is seeking a permanent injunction against Kalshi.
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In a case filed in a Manhattan state court, the lawsuit claims that Kalshi accepts wagers as a gambling business in disregard for the state’s constitution and laws by not being registered with the New York State Gaming Commission.
“No matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple,” said New York Attorney General Letitia James in a press release announcing the lawsuit. “By ignoring our laws, Kalshi is running an illegal operation and harming New Yorkers in the process.”
Governor Kathy Hochul in the press release said the state is taking the action to stop what it views as illegal behavior and bring the company into compliance with New York law. The lawsuit is seeking a permanent injunction against Kalshi.
New York sues Kalshi, says prediction market is running 'illegal gambling operation'
It comes after a federal judge earlier this month denied Kalshi's attempts to intervene against the state's Gaming Commission.
