At least $36 billion in compensation, New York State sues Kalshi for operating illegal gambling business

Odaily News: New York State has filed a lawsuit against Kalshi, accusing it of operating an illegal gambling business in the state. New York Attorney General Letitia James is asking the court to order Kalshi to cease operations in New York State and require the company to pay fines and compensation to users. New York State has also filed a motion for a temporary restraining order, seeking to suspend Kalshi's event contract trading in the state, and requesting the court to order Kalshi to fully refund users' funds, surrender all proceeds obtained through these products, pay penalties equal to three times its profits, and a fine of $100,000 per product. According to court documents, the requested compensatory damages could amount to at least $36 billion, with the exact figure to be determined after a full accounting.