press release<\/a> announcing the lawsuit:<\/p>\n\u201cKalshi has chosen to ignore New York\u2019s gaming laws, which exist to protect consumers, prevent problematic gambling, deliver funding for critical public services, and ensure that every company plays by the same rules,\u201d Governor Hochul said. \u201cThis choice has consequences, and working closely with Attorney General James, New York is taking action to stop this illegal behavior and bring Kalshi into compliance, because no company is above the law.\u201d<\/p>\n
\u201cNew York\u2019s gambling laws protect children from underage betting and help combat gambling addiction,\u201d said Attorney General James. \u201cNo matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple. By ignoring our laws, Kalshi is running an illegal operation and harming New Yorkers in the process. We are taking them to court to uphold our laws and protect New Yorkers.\u201d<\/p>\n
The press release zeroes in on the fact that the company has not obtained a license from the New York State Gaming Commission and has not paid the expected taxes that casinos and other gambling platforms do in order to operate in the state. The press release does state that the company\u2019s operation meets the legal definition of gambling, but without paying the state taxes to the Gaming Commission, they\u2019re breaking the law. <\/p>\n
The state is asking the court to order the company to forfeit all illegal gains, distribute restitution to consumers, and pay fines equal to three times the gains the company made in the operation.<\/p>\n
\u2014<\/p>\n
Photo: Getty<\/p>\n","protected":false},"excerpt":{"rendered":"Kalshi, a prediction market platform where users can bet on far more than sports outcomes, has come under…\n","protected":false},"author":2,"featured_media":313032,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[10429,426,3100,398,9,11,10,49,51,50],"class_list":["post-313031","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-gambling","tag-kathy-hochul","tag-lawsuit","tag-letitia-james","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-new-york-state","tag-new-york-state-headlines","tag-new-york-state-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/313031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=313031"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/313031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/313032"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=313031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=313031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=313031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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