New York state has filed a lawsuit against Kalshi, the prediction markets leader, for operating an unlicensed gambling platform. The petition seeks $100,000 in civil penalties for each unauthorized sports-betting offer, which could total approximately $36 billion. The company reported that its annualized trading volume tripled in six months to $178 billion, and raised $1 billion at a $22 billion valuation. Legal expert Daniel Wallach described the $36 billion figure as a potential existential threat to Kalshi, exceeding the company’s estimated value. The CFTC has also filed its own lawsuit to block New York’s petition, asserting federal jurisdiction over prediction markets.
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