{"id":76342,"date":"2026-08-04T03:38:52","date_gmt":"2026-08-04T03:38:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/casino-lobby-fueled-ny-lawsuit-against-kalshi-ceo-mansour-claims-bitcoin-news\/"},"modified":"2026-08-04T03:38:52","modified_gmt":"2026-08-04T03:38:52","slug":"casino-lobby-fueled-ny-lawsuit-against-kalshi-ceo-mansour-claims-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/casino-lobby-fueled-ny-lawsuit-against-kalshi-ceo-mansour-claims-bitcoin-news\/","title":{"rendered":"Casino Lobby Fueled NY Lawsuit Against Kalshi, CEO Mansour Claims \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">New York is suing prediction market Kalshi for operating as an unlicensed gambling platform.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Kalshi CEO Tarek Mansour claims the lawsuit is driven by traditional gambling firms fearing disruption.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The CFTC argues it has exclusive jurisdiction over Kalshi and is fighting New York\u2019s shutdown attempt.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Kalshi CEO Tarek Mansour Claims Gambling Lobby Is Behind NY Lawsuit<\/h2>\n<p>Kalshi is preparing to face a lawsuit in New York that could result in billions in liabilities for one of the main prediction markets platforms. Tarek Mansour, CEO of the events market, stressed that there could be more than tax collection and customer protection concerns behind this action.<\/p>\n<p>On Monday\u2019s CNBC Squawk Box, Mansour stressed that, more than a dilemma between state regulation and federal law, this complaint <a href=\"https:\/\/youtu.be\/OUYiWFFmE_w?si=Ri0eCjyNnAv0_Sqc\" target=\"_blank\" rel=\"noopener noreferrer\">was pushed by gambling organizations that fear substitution by the rise of prediction markets<\/a>.<\/p>\n<p><strong>\u201cYou have an industry, the prediction market industry, that is disruptive, that is growing fast, consumers are adopting it, and it\u2019s threatening a legacy incumbent industry that is unhappy about that. And that has played out over and over,\u201d<\/strong> he declared.<\/p>\n<p>Similarly, he reminded that prediction markets were not in a gray zone, and that Kalshi was operating under the Commodity Futures Trading Commission (CFTC) oversight, denying any \u201cWild West\u201d labels.<\/p>\n<p><a href=\"https:\/\/www.bitcoin.com\/get-started\/defi-and-web3\/prediction-markets\/what-are-prediction-markets\/\" target=\"_blank\" rel=\"noopener noreferrer\">Learn how prediction markets work.<\/a><\/p>\n<p>CFTC Chairman Michael Selig <a href=\"https:\/\/x.com\/ChairmanSelig\/status\/2083189908617785458?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">took a stance on this situation<\/a>, calling out New York Attorney General Letitia James for seeking to force <strong>\u201can unprecedented sudden shutdown of prediction markets nationwide.\u201d \u201cThe CFTC has already sued to stop this and will continue to defend its jurisdiction,\u201d<\/strong> he highlighted.<\/p>\n<p>Mansour alleged that taking down Kalshi in New York would result in <strong>\u201ca lot of pissed off New Yorkers,\u201d<\/strong> as the company has a million customers in the state. Mansour also revealed they had been in negotiations with state authorities to address their concerns and even presented a 10% tax proposal to no avail.<\/p>\n<p>The <a href=\"https:\/\/news.bitcoin.com\/regulation-and-legal\/ny-sues-kalshi-demanding-100k-fine-per-illegal-bet\/\">complaint against Kalshi, filed on July 31 by the State of New York,<\/a> equates event market contracts with gambling, as the outcomes of each wager <strong>\u201care uncertain and outside the control of the bettor or hinge on a game of chance.\u201d <\/strong>Consequently, it alleges that Kalhi has been operating as an unlicensed gambling platform, opening the platform to New Yorkers between 18 and 20 years old, violating state laws.<\/p>\n<p>The lawsuit seeks restitution for New Yorkers\u2019 losses on the platform, as well as penalties of $100K for each illicit event market offered to citizens. Nonetheless, Mansour claimed that New Yorkers earned nearly $200 million in 2026 using Kalshi, a feat that would have been impossible through traditional gambling platforms.<\/p>\n<p><em>Hero\/Feature image credit: CNBC Squawk Box <\/em><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/casino-lobby-fueled-ny-lawsuit-against-kalshi-ceo-mansour-claims\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways New York is suing prediction market Kalshi for operating as an unlicensed gambling platform. Kalshi CEO Tarek Mansour claims the lawsuit is driven by traditional gambling firms fearing disruption. The CFTC argues it has exclusive jurisdiction over Kalshi and is fighting New York\u2019s shutdown attempt. Kalshi [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":76343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76342"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=76342"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/76343"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=76342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=76342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=76342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}