New York state sued prediction market Kalshi on July 31, accusing the company of operating an unlicensed gambling business. Attorney General Letitia James alleges that Kalshi accepted wagers on sports, elections and entertainment events without approval from the New York State Gaming Commission, and served customers aged 18 to 20 despite the state’s minimum age of 21. The lawsuit follows a federal judge’s July 7 denial of Kalshi’s request for a preliminary injunction to block enforcement of New York’s gambling laws. Kalshi argues that its oversight by the Commodity Futures Trading Commission should shield it from state gambling regulation, a defense the judge found insufficient at this stage.
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