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New York Sues Prediction Market Kalshi, Calls It an Illegal Gambling Operation
The Verge·Saturday, 1 August 2026
New York Attorney General Letitia James has sued prediction market platform Kalshi, alleging it runs an illegal gambling operation by accepting wagers without a licence from the state's gaming commission. An investigation by the Attorney General's office preceded the lawsuit. The case was first reported by CNBC.
Why It Matters
Prediction markets are growing in popularity in India too, and a major US legal ruling on their legality could influence how Indian regulators treat similar platforms.
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