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New York is suing prediction market Kalshi, calling it an illegal gambling operation

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Cutting corners: New York Attorney General Letitia James has sued prediction market platform Kalshi, alleging that it violates state gambling laws. The lawsuit, filed in the New York Supreme Court in Manhattan, claims the company runs an "illegal, unlicensed gambling operation" covering sports, culture, elections, and other events.

In a statement, James said Kalshi violates New York's anti-gambling laws, which are designed to protect minors from betting and combat gambling addiction in adults. "No matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple," she said, adding that Kalshi's actions are harming the most vulnerable New Yorkers.

The lawsuit asks the court to order Kalshi to forfeit all profits and pay restitution to New Yorkers who lost money on the platform. It also seeks fines equal to three...

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