U.S. Betting Site Kalshi Sued for Operating Unlicensed Sports Gambling

Bloomberg reported on the 29th that Kalshi, a U.S. prediction market (betting site), has been sued in New York for operating sports gambling without a license and misleading customers about its market-making practices. Seven app users have filed as plaintiffs. According to the lawsuit, Kalshi advertises itself as providing 'legal sports gambling' but does not hold a gaming license in any state. Furthermore, it is alleged that Kalshi Trading, an affiliated company, is involved in setting unfavorable odds as a market maker.