CFTC Orders Kalshi to Keep Operating Amid New York Fight
The emergency move came after state officials accused the prediction-market platform of running an illegal gambling business and sought more than $36 billion in damages.
The emergency move came after state officials accused the prediction-market platform of running an illegal gambling business and sought more than $36 billion in damages.
The final order bars sports, election and other event contracts and sets August and September geofencing deadlines.
The city says the prediction-market operators disguised sports bets as event contracts and skirted Maryland licensing rules.
The ruling adds to a patchwork of court outcomes as states test whether the exchange’s products are derivatives or gambling.
Quarterly revenue rose 19%, but currency moves, a flatter American market and slower prediction-market deals weighed on results.
The filing comes a day after the company said it launched federally regulated sports event contracts in 47 states.
June handle fell 20% from May, while iGaming accounted for most of the state’s $341.3 million in combined receipts.
HB 2711 adds age limits, anti-manipulation rules and steep penalties as the state gaming board tells federal regulators the products are illegal sports wagering.
The monitor also tracked prediction markets for the first time, while FIFA said it found no suspicious betting activity.
The sports-gaming operator now controls the venue after buying Aristotle Exchange and securing CFTC licences.
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