New York sues to shut down Kalshi, seeks $100,000 for each unauthorized bet

New York sued Kalshi, a prediction markets platform, accusing it of operating an unlicensed gambling service and seeking $100,000 penalties per unauthorized bet, which could total $36 billion. Kalshi, which recently tripled its annualized trading volume to $178 billion, faces state enforcement actions amid a broader legal conflict with the Commodity Futures Trading Commission (CFTC) over federal jurisdiction over prediction markets.