New York AG sues Kalshi, alleging unlicensed illegal gambling operation

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New York Attorney General Letitia James has filed a lawsuit against prediction market platform Kalshi, accusing it of running an illegal gambling operation in the state. The AG's office alleges Kalshi accepted wagers without obtaining a license from New York's gaming commission, in violation of state law. Investigators also found that the platform exposed New York residents to financial and personal risk, including users under the legal gambling age of 21. The state is seeking a court order to halt Kalshi's operations in New York and is demanding financial restitution. Kalshi, which is headquartered in New York, now faces potential shutdown within the state pending the court's decision.

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