New York state has sued prediction market operator Kalshi, alleging it runs an illegal gambling operation without a license, allows underage users, and avoids taxes. Kalshi argues it's a federally licensed exchange overseen by the CFTC, not states, and that the lawsuit is "political theater."
New York state leaders have launched a year-long review into a potential joint bid for a future Winter Olympics, linking Lake Placid and New York City. The exploratory committee will assess sustainability and responsible delivery using existing venues, with 2042 as the earliest target.
NYC Mayor Zohran Mamdani, a progressive democrat, is leveraging his rising political influence to challenge Democratic leadership and support progressive candidates in upcoming primary elections. His endorsements have created intraparty divisions, with establishment Democrats and Republicans alike reacting to his growing impact.
New York Governor Kathy Hochul signed an executive order banning state employees from betting on prediction markets, following Illinois' similar move earlier this week. Hochul criticized the Trump administration for allowing an ethical vacuum around prediction markets. Monthly trading volumes hit a record $23.6 billion in March, but concerns about insider trading have grown, including suspected trades on US military actions and political events.
New York Governor Kathy Hochul criticized the Trump administration for not implementing any “meaningful ethical standards” to curb insider trading in prediction markets.
