New York sues Kalshi, calling it an ‘illegal gambling operation’

# New York is suing a prediction market company called Kalshi, claiming it's basically an illegal gambling website that should be shut down and forced to pay back its profits. Kalshi says it's legally licensed by the federal government and New York has no power to stop it, setting up a bigger fight between states and the Trump administration over who gets to regulate these betting platforms. The real question underneath: should these prediction markets be treated like sports betting apps (which states regulate and tax), or are they something different that only the federal government can control?