Kalshi sued over alleged illegal gambling

Prediction market platform Kalshi is facing a lawsuit from Washington state, which alleges the company operates an illegal gambling platform. The state's complaint argues that Kalshi's operations violate its Gambling Act and Consumer Protection Act, defining the prediction market as a betting service. This legal challenge could have significant implications for Kalshi's business model and the broader regulatory landscape for prediction markets in the United States. The outcome of the lawsuit may set important precedents for similar platforms operating in other jurisdictions.