Kalshi sues Illinois over new tax on prediction market sports bets
Predicting versus betting
Illinois now a key battleground in fight over prediction market sports bets.
A Kalshi advertisement at a bus stop in Washington, DC. The rapid expansion of prediction markets is facing increasingly aggressive pushback from state officials pursuing a sprawling patchwork of lawsuits and cease-and-desist orders. Credit: Bloomberg / Contributor | Bloomberg
A fight between states and the federal government over who should regulate sports betting is heating up, as states accuse prediction markets like Kalshi of taking the exact same sports bets as gambling platforms without paying taxes or adhering to stricter controls.
Last Tuesday, Kalshi sued Illinois Attorney General Kwame Raoul, Governor J.B. Pritzker, and other officials after the state classified Kalshi and other prediction markets as unlicensed sports wagering operators.
It’s not the first legal battle between a prediction market and a state, but it is perhaps the most urgent for Kalshi, which is the ...
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