Prediction platform Kalshi, which allows users to bet on real-life events such as sports games, entertainment awards and even political elections, was sued by the state of New York in late July.
Letitia James, the state’s attorney general, alleged that the platform, valued at US$22 billion in May, facilitated gambling addiction, and the site’s offerings are “quintessentially gambling”. Washington state has also ordered Kalshi to shut down.
While prediction markets have been on the rise, their...
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