Both Gov. Kathy Hochul and New York Attorney General Letitia James say a judge has denied a request by prediction market platform Kalshi for an injunction against the state.
The company argued that state laws regarding gambling were not enforceable against it.
Companies like Kalshi allow users to bet on a wide range of events, including politics and elections.
“New York’s gambling laws are designed to protect consumers. Kalshi tried to ignore them. Yesterday, they lost in court,” the governor said in a statement Wednesday morning. “We will continue to hold all gambling platforms accountable to the law — and that includes prediction markets.”
This ruling comes as Gov. Hochul has announced a ban on state employees using platforms like Kalshi.