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Kentucky class action lawsuit targets Kalshi sports market

ReadWrite·Suswati Basu·21 days ago
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A Kentucky man has filed a proposed class action against prediction market company Kalshi, accusing the platform of offering illegal gambling products to residents across the state. The lawsuit was filed Monday (May 11) in the U.S. District Court for the Western District of Kentucky. Plaintiff Donovan Roberts named Kalshi Inc., related business entities, and Susquehanna-connected firms as defendants. He claims the company has been operating what amounts to an online sportsbook without following Kentucky gaming laws. According to the complaint, Kalshi users can spend real money on contracts tied to elections, sports, weather, and other future events. Roberts argues the setup mirrors traditional gambling despite the company presenting the contracts as financial products.…

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