New York AG James sues Kalshi, warns of youth gambling
Business
New York Attorney General Letitia James is taking legal action against Kalshi, a popular prediction market app, saying it let people bet on things like elections and sports without getting a state gambling license.
She is warning that these platforms can lead to gambling problems, especially for younger users.
New York seeks Kalshi shutdown, restitution
This lawsuit comes right after a federal court said Kalshi could not dodge New York's gambling rules.
Now, the state wants to shut down Kalshi in New York, get back any profits it made illegally, and even pay users back.
It is all part of New York's push to crack down on unlicensed betting platforms: earlier this year, it went after Coinbase Financial Markets and Gemini Titan too.