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New York State sues Kalshi for operating an illegal gambling business.

1 hours ago

New York State has sued prediction market platform Kalshi, alleging it operates an illegal gambling business within the state—another major setback for the firm. On Friday, New York Attorney General Letitia James filed a lawsuit seeking a court order to bar Kalshi from operating in New York, and ordering the company to pay fines and restitution to users. Separately, the state submitted a motion for a temporary restraining order (TRO) to pause Kalshi’s event contract trading in New York. The TRO motion also requests the court to compel Kalshi to fully refund users’ funds, turn over all profits generated from these products, pay a penalty equal to three times its gains, plus a $100,000 fine per product. Court documents show the requested compensatory damages could amount to at least $36 billion, with the exact figure to be finalized after a full accounting.

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