Good news for people who dislike the gambling-ification of seemingly everything in America: Kalshi could be in trouble. Last week, a federal judge ruled against the leading prediction market, determining the State of New York has the authority to regulate sports betting on the website, even up to the point of banning it altogether. Outright prohibition would be a serious blow for Kalshi as it tries to expand amid the loose regulatory environment of the Trump administration; as much as 80 percent of Kalshi’s business is sports related.
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New York is now one of around 20 states fighting to rein in Kalshi, arguing with some success that its sports “contracts” violate states’ rights to enforce their own gambling laws.
