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The state of New York filed a potentially $36 billion lawsuit against prediction-market giant Kalshi on Friday, accusing the company of “running an illegal gambling operation.”
In a joint statement, governor Kathy Hochul and attorney general Letitia James announced that an investigation by James’ office “found that Kalshi’s prediction market is an illegal, unlicensed gambling operation. Kalshi’s illegal prediction market exposes New Yorkers - including those under the legal gambling age of 21 - to serious personal and financial risk.”
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