New York is attempting to squeeze $36 billion from the prediction market Kalshi for operating in the state without cutting in state regulators.
In a move that would make Tony Soprano proud, New York Democratic Gov. Kathy Hochul and Attorney General Letitia James announced on Friday that the state was suing Kalshi for "running an illegal gambling operation" despite the company being a federally regulated exchange. As restitution for violating New York's gambling laws, James wants the state Supreme Court to permanently ban Kalshi from operating within its borders until it obtains "all the required licenses" from the state's Gaming Commission.
