New York sues prediction market platform Kalshi alleging ‘illegal gambling operation'

New York is suing the online betting portal Kalshi, alleging that the platform is operating an illegal gambling business. This legal action involves a $54 million lawsuit linked to bets on recent strikes in Iran. In response, Kalshi asserts that it functions as a federally regulated exchange and is therefore not subject to state laws. The legal dispute centers on whether the prediction market platform's activities constitute illegal gambling under New York state jurisdiction.