New York Wants a $36 Billion Cut From Kalshi, Calling It an 'Illegal Gambling Operation'

Casting Kalshi as an out-of-control gambling platform makes it easier for the state to take money from the company and its users.

Kalshi, which is headquartered in New York, has already been sued by multiple states.

New York State is suing Kalshi, the online betting portal, for allegedly operating an illegal gambling business. Kalshi says that it is a federally regulated exchange and is not subject to state laws. CBS News legal reporter Katrina Kaufman has more.

New York officials sued prediction market platform Kalshi for potentially billions of dollars on Friday, calling it an “illegal, unlicensed gambling operation” that includes sports wagering as the state seeks to halt its operations and force the company to forfeit its profits. New York joins a growing number of states

New York is one of many states with cases against Kalshi and others in dispute with Trump gov't on who gets to regulate.

The state claims Kalshi is an unlicensed sportsbook, while the prediction market says New York has no authority since it is regulated by a federal agency.

The state is seeking up to $36 billion in penalties, disgorgement, and restitution from the prediction market platform

New York sues Kalshi for alleged 'illegal gambling operation'  ESPN

New York is suing Kalshi over claims the prediction market is running "an illegal gambling operation." In the lawsuit, New York Attorney General Letitia James accuses Kalshi of violating state laws by accepting wagers without a license from the state's gaming commission, as reported earlier by CNBC. An investigation fr

The state of New York sued Kalshi on Friday, accusing the prediction market of running an illegal gambling operation. The lawsuit alleges the company is operating a gambling business in “flagrant disregard” of Empire State laws, failing to get a license from the state gaming commission and skirting related taxes. It al

New York Attorney General Letitia James (D) sued prediction market platform Kalshi on Friday, accusing the federally regulated exchange of operating an illegal gambling business in the state, escalating a growing legal battle over whether prediction markets fall under state gambling laws or exclusive federal oversight.

New York sued Kalshi Friday, alleging its prediction market is nothing more than illegal, unlicensed gambling, because outcomes depend more on chance than skill.

A tangle of lawsuits is growing as states try to use their gambling laws to shut down Kalshi, Polymarket and other prediction market operators

The lawsuit, filed by Attorney General Letitia James, alleges Kalshi has been offering New Yorkers illegal gambling products without a state license.

It comes after a federal judge earlier this month denied Kalshi's attempts to intervene against the state's Gaming Commission.

New York officials have sued prediction market platform Kalshi, calling it an “illegal, unlicensed gambling operation” as the state seeks to halt its operations and force the company to forfeit its profits

New York sues prediction market platform Kalshi alleging ‘illegal gambling operation’  AP News

The company calls itself an “event contracts” exchange rather than a traditional sportsbook.

New York sues prediction market Kalshi alleging it’s an illegal gambling operation  CNN

New York sues Kalshi, says its prediction markets are illegal gambling  Reuters