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New York vs Kalshi Prediction Markets | New York City News
New York is suing prediction market Kalshi, claiming its sports betting platform constitutes illegal gambling—and could force a shutdown. The battle pits state gambling laws against federal CFTC jurisdiction, with the CFTC accusing New York of overreach. Prediction markets use futures contracts, but critics argue they’re loopholes avoiding regulation, especially since Kalshi lets 18-year-olds trade without consumer safeguards. New York also sees lost tax revenue and risks like match-fixing. This case could reshape the entire industry—and potentially reach the Supreme Court. Listen in…
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