New York Sues Kalshi for $36 Billion Over Alleged Unlicensed Gambling
Updated
Updated · Fortune · Aug 11
New York Sues Kalshi for $36 Billion Over Alleged Unlicensed Gambling
3 articles · Updated · Fortune · Aug 11
Summary
New York last week sued prediction market Kalshi, seeking about $36 billion in civil penalties for allegedly operating an unlicensed gambling platform.
The state said it should collect $100,000 for each unauthorized sports-betting offer, a tally that drove the unusually large damages claim.
Tarek Mansour, Kalshi’s 30-year-old CEO, defended the company on CNBC a day later, saying it operates under federal rules and arguing prediction markets are disrupting entrenched gambling interests.
The suit hits a fast-rising company valued at $22 billion in May 2026 after a $2 billion valuation in June 2025, with reports this summer that a new round could target $40 billion.