New York state filed a lawsuit on July 31, 2026, against Kalshi, a prediction market platform, alleging it operates as an illegal gambling service despite the company's claims of operating as an 'event contracts' exchange. The suit is part of a broader dispute with the Trump administration over regulatory authority.
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New York sues Kalshi, says its prediction markets are illegal gambling Reuters
The company calls itself an “event contracts” exchange rather than a traditional sportsbook.
New York sues prediction market platform Kalshi alleging ‘illegal gambling operation’ AP News
New York is one of many states with cases against Kalshi and others in dispute with Trump gov't on who gets to regulate.