Massachusetts sues prediction market platform Kalshi for alleged illegal sports betting

Jinse Finance reported that Andrea Joy Campbell, Attorney General of Massachusetts, has filed a lawsuit against the prediction market platform Kalshi, accusing its sports event contracts of violating state gambling laws and operating in a manner similar to licensed bookmakers. The complaint seeks to prohibit Kalshi from offering sports prediction markets without a license and pursues monetary compensation. Prosecutors pointed out that the platform is designed to attract users by leveraging gambling psychology. Kalshi has previously had disputes with the federal CFTC and received concessions this year; its board member Brian Quintenz was a CFTC chairman nominee by Trump. Kalshi stated that the platform is fair and transparent and will defend innovation in court.