New Mexico Sues Kalshi Over Prediction Markets, Triggers Federal CFTC Pushback

SBC Americas · 1w ago

New Mexico's attorney general filed suit against Kalshi, arguing the prediction-market platform is running an unlicensed sportsbook by letting users bet on outcomes ranging from NFL games to the World Cup through so-called event contracts. The Commodity Futures Trading Commission fired back with its own federal lawsuit against New Mexico, arguing the CFTC-registered platform falls outside state gambling law. New Mexico becomes the sixth state to face this kind of federal pushback, joining Wisconsin, Illinois, Arizona, Connecticut, and New York in an escalating jurisdictional fight over prediction markets.