Washington AG Sues Prediction Market Kalshi
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Washingtons Attorney General Nick Brown has filed a lawsuit against online prediction market Kalshi, accusing it of circumventing state gambling laws by allowing bets on various events, including sports, elections, and even unusual props like claps in a State of the Union speech. Kalshi, which considers itself a regulated exchange for real-world events, is facing a push for a shutdown, recovery of lost money, and significant penalties. The lawsuit also highlights Kalshis alleged exploitation of events for profit and potential conflicts of interest, as NBA star Giannis Antetokounmpo recently took an ownership stake after users lost millions betting on his trade. The legal battle is escalating nationwide, with other states like Arizona, Nevada, Massachusetts, and Utah joining the fray.
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