Kalshi sues Illinois over new tax on prediction market sports bets
Summary
Ars Technica reports that Kalshi has sued Illinois over a new tax and licensing requirements for prediction market sports bets, arguing the state misclassifies Kalshi as an unlicensed operator and oversteps federal authority. The suit asserts that the CFTC has exclusive jurisdiction over prediction markets and seeks to block Illinois from enforcing its rules. The piece outlines broader regulatory disputes between federal and state authorities and potential implications for the prediction-market ecosystem.