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New York’s Gaming Commission has begun legal proceedings to compel prediction market platform Kalshi to turn over investigation records tied to sports event contracts, TradingKey reported.
The commission filed a petition with the New York County Supreme Court against Kalshi and its subsidiary KalshiEX LLC, saying the company either failed to respond to a subpoena issued on July 31 or answered some requests inadequately. The requested materials cover four areas:
– records related to sports event contracts
– services provided to New York residents under age 21
– advertising that described the products as gambling or betting
– the company’s ownership structure and governance
The commission plans to use the materials to decide whether to impose penalties on Kalshi and, if so, how large they should be. The petition also alleges Kalshi operated a sports betting business in New York without a license for at least 18 months.
Kalshi has maintained that its event contracts are financial products regulated by the Commodity Futures Trading Commission, putting them outside the scope of state gambling laws.