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New York sues Kalshi over 'illegal gambling operation'
New York sued Kalshi on Friday, alleging the prediction market represents an illegal, unlicensed gambling operation. The lawsuit accuses Kalshi of ignoring the state laws — including those barring bettors under 21 from placing mobile sports wagers — and failing to register with its gaming commission. Attorney General Letitia James called prediction markets "gambling platforms, plain and simple." Kalshi, which is headquartered in New York, countered that it is only subject to federal oversight and labeled the suit "political theater." New York seeks for Kalshi to pay fines equal to triple its gains.
New York filed a lawsuit against Kalshi on Friday, alleging that the prediction market operates as an illegal and unlicensed gambling business. The state claims the company has violated multiple regulations governing wagering activities. The lawsuit accuses...
