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New York vs Kalshi: Prediction Markets in Legal Crosshairs | Albany News
New York is suing Kalshi for $36 billion, claiming its prediction markets are illegal gambling—Kalshi counters they’re financial derivatives and should be federally regulated. The CEO accuses the state of protecting traditional gambling giants, noting Kalshi offered $10 billion in tax revenue that went ignored. Governor Hochul stands firm, saying no money can buy legal exemption. Meanwhile, Nassau County Executive Bruce Blakeman criticizes her for rejecting the deal, calling it a missed opportunity—and hypocrisy given her support for new casinos. Kalshi calls the lawsuit existential, warning…
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