Kalshi

Exchange · KalshiEX LLC · New York, New York[1]

Founded 2018 by Tarek Mansour and Luana Lopes Lara; CFTC designation as a contract market Nov 2020; public launch July 2021. Sports event contracts are >90% of platform activity and 89% of 2025 revenue. Facing numerous 2025-2026 state-level legal challenges over whether its sports contracts constitute illegal gambling: Massachusetts (Jan 2026 injunction requiring geofencing), Nevada (Mar 2026 TRO, July 2026 agreement to halt operations), Ohio (Mar 2026 federal ruling against Kalshi, appeal planned), Arizona (Mar 2026 criminal charges, dismissed May 2026 on federal-preemption grounds), Michigan, Washington, Wisconsin, Minnesota, and New York suits. Reported 2025 revenue ~$260M; valued at $22B after a May 2026 TCV-led round; March 2026 round raised $1B at roughly double the prior valuation.

Brands

Kalshi — Prediction markets · since Jul 2021

Regulatory actions

Date	State	Against	Action	Amount	What happened
Jul 31, 2026	New York	Kalshi	Lawsuit Prediction markets		After Kalshi lost its federal suit against the Gaming Commission's cease-and-desist order, NY Attorney General James sued KalshiEX, LLC, alleging its prediction markets are an unlicensed, illegal gambling operation accessible to bettors as young as 18, and seeking forfeiture of gains, consumer restitution and fines equal to triple Kalshi's illegal gains; James filed parallel unlicensed-gambling suits against Coinbase and Gemini (April 21, 2026) and Polymarket (September 24, 2026) on the same legal theory.[2],[3],[4]
Jun 17, 2026	Kentucky	KalshiEX LLC and affiliates (Kalshi Inc., Kalshi Klear Inc., Kalshi Klear LLC, Kalshi Trading LLC, Robinhood Markets, Inc., Robinhood Derivatives LLC, Webull Corporation, Coinbase Financial Markets, Inc.)	Lawsuit Prediction markets		Kentucky Attorney General Russell Coleman sued Kalshi and platform partners Robinhood, Webull, and Coinbase in Franklin Circuit Court, alleging Kalshi's "event contracts" on sports outcomes are unlicensed sports wagering under Kentucky law and violate the state's Consumer Protection Act and Loss Recovery Act.[5]
Apr 14, 2026	Ohio	Kalshi (KalshiEX LLC)	Fine Prediction markets	$5.0M	OCCC issued a notice of intent to impose a $5 million civil penalty on KalshiEX LLC (Kalshi) for continuing to offer unlicensed sports event contracts in Ohio after the Commission's March 2025 cease-and-desist order, stating "Kalshi's refusal to stop offering sports gaming in Ohio necessitated the Commission to take action"; this is a proposed penalty subject to a hearing, not a final fine.[6]
Mar 27, 2026	Washington	Kalshi	Lawsuit Prediction markets		Washington's Attorney General sued Kalshi in King County Superior Court, alleging its prediction-market "event contracts" on sports, elections and other events are unlicensed illegal gambling in violation of the state Gambling Act and Consumer Protection Act; in July 2026 the court granted a preliminary injunction, finding the state likely to succeed on its claims that Kalshi's operations are illegal gambling.[7],[8]
Mar 17, 2026	Arizona	KalshiEx LLC and Kalshi Trading LLC, dba Kalshi	Criminal charges Prediction markets		Arizona Attorney General Kris Mayes filed a 20-count criminal information against the Kalshi entities for operating an unlicensed wagering business, alleging bets were accepted from Arizona residents on sports, player props, and election outcomes (including the 2026 governor's race), in a case filed days after Kalshi itself sued the state. Filed five days after Kalshi had sued Arizona (March 12, 2026) over the state's position on prediction markets.[9]
Mar 5, 2026	Michigan	KalshiEX, LLC	Lawsuit Prediction markets		AG Dana Nessel sued KalshiEX in Ingham County Circuit Court on behalf of the People and the MGCB, alleging its sports-event contracts are unlicensed sports betting under the Lawful Sports Betting Act; the court granted a temporary restraining order on June 29, 2026 (after remanding the case from federal court) and later a preliminary injunction halting Kalshi's Michigan sports-contract operations pending appeal.[10],[11]
Dec 3, 2025	Connecticut	KalshiEX LLC	Cease and desist Prediction markets		DCP's Gaming Division ordered KalshiEX to stop offering "Sports Events Contracts" to Connecticut residents without a license, citing unlicensed sports wagering, wagers on events with predetermined outcomes, advertising to self-excluded and under-21 individuals, and lack of regulatory technical/integrity controls; the order also required letting CT residents withdraw funds.[12]
Oct 24, 2025	New York	Kalshi	Cease and desist Prediction markets		NYSGC ordered Kalshi to stop offering its unlicensed sports-related prediction markets in New York; Kalshi did not comply and instead sued the Commission in federal court to block the order, losing that case in July 2026.[13],[14]
Sep 12, 2025	Massachusetts	KalshiEX LLC	Lawsuit Prediction markets		AG Andrea Campbell sued Kalshi in Suffolk Superior Court, alleging it offers sports wagering under the guise of "event contracts" (moneyline, spread, and over/under style contracts) to Massachusetts residents without the sports-wagering license the MGC requires, and sought an order barring Kalshi from offering sports event contracts in the state pending the case.[15]
Apr 7, 2025	Maryland	KalshiEX LLC, dba Kalshi	Cease and desist Prediction markets		Maryland Lottery and Gaming directed Kalshi to immediately cease and desist offering its sports-outcome event contracts in Maryland, saying the contracts are indistinguishable from sports wagers and Kalshi holds no state sports-wagering license.[16]
Mar 31, 2025	Ohio	Kalshi Inc. d/b/a KalshiEX LLC	Cease and desist Prediction markets		OCCC Executive Director Matthew Schuler sent Kalshi a cease-and-desist letter finding its sports event contracts are unlicensed sports gaming under R.C. 3775.03(A), stating "Plainly stated, Kalshi is operating online sports gaming," and objecting that Kalshi's 18+ age gate falls below Ohio's statutory 21 gambling age; the Commission set an April 14, 2025 compliance deadline and warned that criminal sanctions could follow.[17],[18]
Mar 27, 2025	New Jersey	Kalshi Inc. d/b/a KalshiEX LLC and/or Kalshi	Cease and desist Prediction markets		NJ DGE sent Kalshi a cease-and-desist letter demanding it immediately stop offering sports event-contract wagering to New Jersey residents and void wagers already placed, citing the Sports Wagering Act and the state constitutional ban on wagering on in-state college sports; Kalshi sued and won a federal preliminary injunction allowing it to keep operating pending the litigation.[19]
Mar 26, 2025	Montana	KalshiEX, LLC	Cease and desist Prediction markets		Montana's Gambling Control Division ordered Kalshi to cease and desist offering its "event contracts" to Montana residents, concluding after an investigation that the contracts constitute illegal, unlicensed gambling and illegal sports wagering under state law.[20]
Mar 4, 2025	Nevada	KalshiEX LLC, dba Kalshi	Cease and desist Prediction markets		The Nevada Gaming Control Board issued a cease-and-desist order to Kalshi over its event-based contracts on sports and election outcomes, calling the activity unlawful gaming without a license and setting a March 14, 2025 deadline to stop, warning of criminal and civil penalties.[21]

Sources

Kalshi · retrieved Oct 10, 2026
Governor Hochul and Attorney General James Announce New York Has Sued Kalshi · retrieved Oct 10, 2026
Attorney General James Sues Coinbase and Gemini for Running Illegal Gambling Platforms in New York · retrieved Oct 11, 2026
Attorney General James and Governor Hochul Announce Lawsuit Against Polymarket for Running Illegal Gambling Operation · retrieved Oct 11, 2026
Attorney General Coleman Launches Three Lawsuits Against Illegal Gambling Companies · retrieved Oct 11, 2026
Ohio Casino Control Commission intends to fine Kalshi $5 million · retrieved Oct 11, 2026
Washington sues online betting platform Kalshi for illegal gambling · retrieved Oct 10, 2026
Judge finds Kalshi's online gambling likely violates state law · retrieved Oct 11, 2026
Attorney General Mayes Charges Kalshi With Illegal Gambling Operation, Election Wagering in Arizona · retrieved Oct 11, 2026
AG Nessel Files Lawsuit Against Kalshi for Allegedly Violating the Michigan Lawful Sports Betting Act · retrieved Oct 11, 2026
AG Nessel Secures Order Temporarily Halting Unlawful Kalshi Michigan Operations · retrieved Oct 11, 2026
Connecticut Consumer Protection Orders Cease and Desist of Conducting Unlicensed Online Gambling · retrieved Oct 11, 2026
Letter from NYSGC General Counsel to Kalshi (cease-and-desist), October 24, 2025 · retrieved Oct 11, 2026
Attorney General James and Governor Hochul Release Statement on Court Victory Against Kalshi · retrieved Oct 11, 2026
Massachusetts sues Kalshi over sports prediction markets · retrieved Oct 11, 2026
Notice to Cease and Desist — KalshiEX LLC, dba Kalshi · retrieved Oct 11, 2026
Ohio Casino Control Commission issues cease and desist to three companies · retrieved Oct 10, 2026
The Current: Inside The Kalshi Cease-And-Desist Letter In Ohio · retrieved Oct 11, 2026
Cease and Desist Letter to Kalshi Inc. d/b/a KalshiEX LLC and/or Kalshi – Unauthorized Sports Wagering in New Jersey · retrieved Oct 11, 2026
Order to Cease and Desist Illegal Gambling Activities in Montana · retrieved Oct 11, 2026
Nevada Gaming Control Board Issues Cease and Desist Order to Company Engaged in Unlawful Gaming · retrieved Oct 11, 2026