Kalshi Sued by New York State as Iranian Gambling Network Moves Billions

New York State has sued prediction market platform Kalshi for potentially billions of dollars, calling it an 'illegal, unlicensed gambling operation' that includes sports wagering. The state seeks to halt its operations and force the company to forfeit its profits. Kalshi argues it is federally licensed and regulated, and states have no authority to govern them.

The lawsuit comes as part of a growing dispute with President Donald Trump's administration over who regulates prediction markets. Elisabeth Diana, a spokesperson for New York-based Kalshi, said in a statement that 'states can't just shut down a federally licensed exchange.' This would hurt New Yorkers, who would be driven offshore.

Meanwhile, an illicit Iranian gambling network has been helping move at least $4 billion through an unlicensed Dubai-based cryptocurrency exchange. Blockchain data shows the exchange, Shelbit, processed money for a Farsi-language gambling network spanning over 2,000 websites and interacted with Iran's central bank and other sanctioned institutions.

In other news, Davis Riley is currently leading the leaderboard at the Rocket Classic tournament in golf. The lawsuit against Kalshi and the Iranian gambling network are significant developments in the world of gaming and cryptocurrency.