NYS Sues Kalshi For Running Illegal Gambling Operation
New York State is suing Kalshi for allegedly operating an unlicensed and illegal gambling platform.Summary
New York State Attorney General Letitia James has filed a lawsuit against Kalshi, a prediction market platform, alleging it operates an illegal, unlicensed gambling business. Launched in 2021, Kalshi allows users to bet on various events, including sports, culture, and elections. The lawsuit claims these markets meet the legal definition of gambling because outcomes are uncertain and outside the bettor's control.
The Attorney General's investigation found that Kalshi lacks a license from the New York State Gaming Commission, meaning it avoids the taxes that fund public schools and gambling addiction programs. Furthermore, the platform allows users aged 18-20 to participate, violating New York's legal gambling age of 21. The state is seeking a court order to stop Kalshi's operations, alongside fines, forfeiture of illegal gains, and restitution to users.
(Source：Wrfa Radio)