New York State files a lawsuit against prediction market platform Kalshi, seeking at least $36 billion in compensatory damages. According to reporting, the state asks for damages while also requesting a full accounting, which would determine the amount of money potentially owed. The state’s case characterizes Kalshi’s offerings as illegal gambling operations, arguing the platform is not compliant with applicable state law governing wagering. The two outlets also frame the dispute as part of New York’s broader effort to recoup funds from the company and its users. Kalshi has not been described in the provided excerpts as conceding wrongdoing, and the reports focus on New York’s claims and the size of the requested damages. The lawsuit’s outcome could affect how prediction markets operate in New York and whether similar platforms face additional enforcement. The litigation also centers on financial figures New York seeks to recover, with the final damages amount contingent on the accounting the state requests.