Kalshi faces $36B New York lawsuit
- New York is seeking at least US$36 billion from Kalshi over alleged violations of state gambling laws.
- Kalshi moved the case to federal court, temporarily removing New York’s immediate injunction request from state court.
- CEO Tarek Mansour compared Kalshi with Nasdaq, arguing the platform matches traders rather than operating as a sportsbook.
Prediction market operator Kalshi faces at least US$36 billion in requested damages and penalties in a lawsuit filed by New York.
New York alleges Kalshi offered event contracts without a state gaming licence, including markets covering sports, elections and entertainment.
“You could copy and paste that lawsuit and file it against Nasdaq,” said Kalshi CEO Tarek Mansour.
New York also seeks US$100,000 per alleged unauthorised sports wagering offer, alongside restitution, disgorgement and civil penalties.
Kalshi moved the case to federal court about eight hours after filing, with the next dispute focused on federal jurisdiction.
Mansour claimed New Yorkers earned more than US$200 million on Kalshi in 2026, although he provided no supporting calculations.
A federal judge previously rejected Kalshi’s request to block New York gambling laws, while the CFTC supports federal oversight of registered derivatives exchanges.
