Source: Decrypt
New York Attorney General Letitia James has filed a lawsuit against Kalshi, seeking at least $36 billion and a temporary restraining order to shut down its prediction market operations. The state claims Kalshi is operating as an unlicensed gambling business in violation of multiple laws.
The lawsuit, filed on Friday, includes eight counts against Kalshi, citing violations of the New York Constitution's gambling ban, bookmaking, and unlicensed mobile sports wagering, among others. New York is also seeking $100,000 for each offer of sports wagering, along with restitution and disgorgement. Governor Kathy Hochul stated that the action aims to enforce compliance with state gaming laws designed to protect consumers and public services.