GoKawiilis a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.
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Everything is gambling now: the latest news on prediction markets like Polymarket and Kalshi
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 from the Office of the Attorney General (OAG) found Kalshi exposes New York residents “to serious personal and financial risk,” including people under the legal gambling age of 21, the lawsuit alleges. The state asks the court to block Kalshi — which is headquartered in New York — from operating in the state and to pay restitution to customers who placed bets on the platform.
“It’s sad to see this type of political theater from the leadership in our own state,” Elisabeth Diana, Kalshi’s head of communications, said in an emailed statement to The Verge. “This would also hurt New Yorkers, who would be driven offshore.”
Beyond state gambling laws, Kalshi has also sparked concerns about insider trading. Earlier this month, ABC News reported that President Donald Trump’s teleprompter operator made $100,000 placing bets on Kalshi related to Trump’s speeches.