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A state lawsuit says Kalshi, a prediction market platform (a venue where users buy contracts tied to the outcome of future events), is running an illegal gambling operation in New York.
The suit arrives after a federal judge earlier this month rejected Kalshi's effort to intervene against New York's Gaming Commission, the state body that licenses and regulates gambling.
New York's move puts the company in a position where it faces state enforcement after already losing its bid to check that enforcement in federal court.
What New York is claiming The state's argument is that Kalshi's business is gambling under New York law, regardless of how Kalshi characterizes its products at the federal level.
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