NY looks to shut down Kalshi, have it pay $36 billion in new lawsuit - gothamist.com
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- New York is suing Kalshi, seeking to shut down the prediction market platform and have it pay $36 billion, per the lawsuit filed in state court
- Kalshi is accused in the suit of running an 'illegal gambling operation,' and the lawsuit came after negotiations between New York and the company to rein in prediction markets broke down
Why it matters: New York is seeking a $36 billion penalty and a full shutdown of Kalshi, a prediction market platform, after talks to regulate the industry collapsed. The suit's 'illegal gambling operation' allegation frames Kalshi's core business as unlawful in the state, putting the platform's continued operations in New York directly in question.
