A Washington state court has ordered prediction market platform Kalshi to halt most of its event contracts in the state after finding that the company likely violated state gambling and consumer protection laws. King County Superior Court Judge John McHale bars Kalshi from offering contracts tied to sports, elections, politics, entertainment, culture, technology, science and markets based on whether public figures mention specific words. The company must implement IP-based geofencing by August 19 and a multi-source geofencing system by September 2, with potential penalties of 120,000 dollars per day for missing the deadline. Washington Attorney General Nick Brown sued Kalshi in March for operating an illegal gambling business in the state. The case raises the question of whether federally regulated prediction markets must also comply with state gambling laws.
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