"Kalshi may brand itself as a 'prediction market,' but what it's actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law. The company defines itself as a prediction markets platform, where users make bets on the outcomes of events ranging from sporting matches to political actions."
"Kalshi has claimed that it operates under the auspices of the Commodity Futures Trading Commission and shouldn't be faced with the state-level charges of running unlicensed gambling. The case follows a similar action against Kalshi filed in Nevada last month."
Kalshi, a prediction markets platform allowing users to bet on various events including elections, faces legal challenges from multiple states. Arizona's Attorney General Kris Mayes filed suit alleging the company operates an illegal gambling business and unlawfully accepts election bets in violation of state law. Kalshi argues it operates under Commodity Futures Trading Commission authority and should not face state-level gambling charges. Nevada filed a similar lawsuit against the company last month. The platform has also faced controversy involving an employee of YouTuber MrBeast accused of insider trading on Kalshi.
Read at Engadget
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