A Washington state judge orders Kalshi to stop offering most of its prediction-market contracts to residents in the state, following regulators’ claims that the products function as illegal gambling. Bloomberg and The New York Times report the judge issues the order as a preliminary injunction, which halts the market from allowing wagering on the bulk of its offerings while the case proceeds.
The outlets describe the dispute as centered on whether Kalshi’s prediction contracts fall under state gambling laws and whether the contracts are likely to be treated as bets. Regulators argue that the contracts resemble gambling activity, while Kalshi is challenging that characterization. Both reports indicate the judge’s ruling responds to regulators’ arguments and limits the company’s access to Washington customers for most products covered by the order.
