New York Attorney General Letitia James is seeking at least $36 billion from prediction market platform Kalshi, treating it as an unlicensed gambling business. The petition calls for the platform’s shutdown and disgorgement of three times its earnings, with counts ranging from the state’s constitutional gambling ban to unlicensed mobile sports wagering. Investigators placed test bets and found that Kalshi allows 18-year-olds to open accounts where New York sets the minimum at 21, and offers markets on New York college teams, which even licensed operators are barred from touching. The action is part of a broader federal-state conflict as the CFTC has sued multiple states to establish its sole authority over event contracts.
Source: Read the original article
