New York sues prediction market Kalshi alleging it’s an illegal gambling operation — Live Feedhttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operationContinuously updated, source-cited coverage. New York Sues Kalshi for Unlicensed Gambling Operationshttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operationhttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operation#u33062Wed, 05 Aug 2026 13:46:00 +0000New York is suing prediction market Kalshi to shut down the platform and secure $36 billion in penalties. Attorney General Letitia James alleges the company runs an illegal, unlicensed gambling operation that violates state laws designed to prevent adult addiction and protect minors. The state intends to force the company to forfeit its profits, focusing specifically on the use of sports contracts within the market.Why it mattersPrediction markets allow users to bet on the outcome of future events. New York's legal action tests the boundary between financial trading and illegal gambling. New York seeks $36 billion in penalties from prediction market Kalshihttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operationhttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operation#u33061Wed, 05 Aug 2026 13:45:59 +0000New York has sued Kalshi, alleging the company runs an illegal and unlicensed gambling operation. Attorney General Letitia James claims the platform violates state laws designed to prevent adult addiction and protect minors. The state wants to shut down Kalshi's operations and force the company to forfeit its profits, seeking $36 billion in penalties. The lawsuit focuses on Kalshi's use of sports contracts within its prediction markets.Why it mattersPrediction markets allow users to bet on the outcome of real-world events. New York is among several states challenging the legality of New York Sues Prediction Market Kalshi Over Alleged Illegal Gamblinghttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operationhttps://www.live-feeds.com/feed/new-york-sues-prediction-market-kalshi-alleging-it-s-an-illegal-gambling-operation#u29059Sun, 02 Aug 2026 06:05:21 +0000New York has filed a lawsuit against prediction market platform Kalshi, alleging the company operates an illegal, unlicensed gambling operation. Attorney General Letitia James asserts that Kalshi violates state anti-gambling laws intended to protect minors and prevent adult addiction. The state is seeking to shut down the platform and is demanding $36 billion in payments. The legal action specifically targets Kalshi's use of sports contracts within its prediction markets.Why it mattersPrediction markets allow users to trade on the outcome of future events. New York is attempting to classi