India, July 31 -- New York Attorney General Letitia James has sued prediction-market platform Kalshi, alleging the company is operating an illegal, unlicensed gambling business in the state. The lawsuit seeks to stop Kalshi from doing business in New York, recover profits, and impose financial penalties.
The complaint claims Kalshi failed to obtain a required New York gambling license, did not pay required taxes, and allowed users below the state's legal age for mobile sports betting to participate.
State officials argue that prediction markets where users can place wagers on outcomes involving everything from sports and politics to economic events fall under New York's gambling laws.
The case adds to a growing fight over who has authori...