Tish James, Kathy Hochul’s pursuit of Kalshi raises questions about why they’re ignoring Polymarket

State regulators taking aim at prediction markets for regulation isn’t new, but according to Kalshi, what is new is New York singling out its business as an “illegal gambling operation” for much of the same wagering that can be found on just about every similar platform, On The Money has learned. At issue: A lawsuit recently filed by New York Attorney General Tish James with the full blessing of fellow Dem Gov. Kathy Hochul. Kalshi says the suit takes aim at its entire business model – everything from predicting the outcomes of “Big Brother Season 28,” to the outcomes of various political races to the biggest-ticket items involving sports. The civil lawsuit charges that Kalshi’s business model is “illegal” because it’s essentially a gambling hub, a high-end bookie that needs to be regulate