New York is suing Kalshi for billions because calling gambling a “trading market” didn’t convince state regulators

If you have ever wanted to trade event contracts on whether a team secures first blood or if a tournament goes to game five, you have probably crossed paths with prediction markets. Platforms like Kalshi allow users to buy “Yes” or “No” positions on everything from sports and politics to pop culture, framing the whole experience as Wall Street-style trading rather than traditional sports betting.