New York Sues Prediction Market Kalshi, Calls It Unlicensed Gambling Operation

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New York state has filed a lawsuit against prediction market platform Kalshi, alleging it operates an illegal gambling business. Authorities argue that Kalshi's platform constitutes gambling in its plain form, conducted without the required state licensing. The lawsuit seeks to prevent the company from continuing its operations within New York. In addition to halting the business, the state is also pursuing financial penalties or redress against the firm.

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