The legal battle against the fast-growing prediction markets sector continues to heat up. On Friday, New York became the latest state to put a halt to the markets, filing a petition that accuses industry leader Kalshi of operating an unlicensed gambling platform.
The state alleges that Kalshi, which operates one of the most successful prediction markets in the country, facilitates illegal wagering on sports, elections, and culture without a proper license from the New York State Gaming Commission. It is asking the court to impose civil penalties of $100,000 for each unauthorized sports‑betting offer, which the filing estimates could total about $36 billion.
