Calling it an ‘illegal, unlicensed gambling operation’, state seeks to halt Kalshi’s operations and force it to forfeit profits

The state of New York has filed a lawsuit against Kalshi, accusing the prediction market operator of “running an illegal gambling operation”.

The lawsuit, filed on Friday, was announced by Kathy Hochul, the New York governor, and Letitia James, the state attorney general. It seeks to force the New York-based company to forfeit its profits, provide restitution to harmed consumers and pay fines equal to three times its profits.