161–170 of 226 posts
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Isn't this how gambling works though? You and I place a similar value of chips on a table, then the winner walks it over to a third party (the counter at the casino) to exchange the chips for currency?
In gambling, you are betting against the sportsbook run by the house, not peers.
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Your claim here is wrong: > 2. The State of NY files for a temporary restraining order requiring Kalshi to halt trading nationally, not just in NY. The State of New York did *NOT* file a temporary restraining order, neither in NY or nationally. Please find a citation of that if you want to claim it is true. Rather the State of New York filed suit here to stop operations in New York: https://ag.ny.gov/press-release/20…
That claim is coming directly from the CFTC, it is not this user's novel claim. It seems that overall the CFTC and the NYAG are presenting materially different event time lines, so as an outsider it's a bit unclear what is actually happening.
The online gambling industry put their guy in charge of the CFTC (Michael Selig).
Their main goal is to preempt all state regulation of their gambling platforms. To that end Selig is promoting the novel theory that sports betting is trading of commodities and therefore should be "regulated" solely by his agency.
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Do you have a source for that? From the release: > In the lawsuit, filed on July 31, New York seeks a temporary restraining order prohibiting KalshiEX, LLC from offering all event contracts nationwide and more than $36 billion in damages.
Lawyer here: https://ag.ny.gov/sites/default/files/court-filings/new-york... This is the complaint. If you go to page 29 you'll see what they requested. The claim they are trying to prevent them from offering all event contracts nationwide is simply false. The closest anywhere is a claim to enjoin them from violating some federal criminal statutes that they would not be violating if they were not operating in new yor…
Note that I am not in any way a fan of Kalshi and similar services, and I personally believe they are simply gambling services. Just curious what the law might say for now.
EDIT: see DannyBee's comment below ( https://news.ycombinator.com/item?id=49266746 ). It does look like the CFTC has extrapolated the "nationwide" out of either some novel interpretation of the filing or just entirely fabricated it as their justification for their action. I've got no love for Kalshi, but "orders Kalshi to continue operate in New York" doesn't seem to be present anywhere in the actual release. The art…
I think it's good to have the official context from the state of NY as well, which argues that Kalshi meets the state's standards for gambling; has serially refused to get the required licenses, and serves customers aged 18-20 in a market where gambling is restricted by law to people over 21. https://ag.ny.gov/press-release/2026/governor-hochul-and-att... My impression was that NY wanted a TRO to stop Kalshi operatin…
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Which I think is obviously where the US is going to settle in the long term. Just a question of how many people lose their shirts before we get there.
In Australia, where legal online sports betting is everywhere, it's hugely unpopular with everyone except the bookmakers, TV networks (for whom betting ads during sports broadcasts are the one remaining decent revenue stream), a relatively small group of gamblers (many of whom gamble enough for it to pose serious problems for them and their families), and the nominally socially-democratic politicians running the fede…
How much did that ruling cost?
Ambulance chasers have always been a thing but now it is nationwide syndicate of "Doctor Lawyers".
Total Shitshow for TV viewers...
Talking about "Varginal Mesh" lawsuit in front of children..
Disgusting.
> said Chairman Michael S. Selig. “Congress did not intend for derivatives exchanges to be regulated under a patchwork of state gaming laws. Ah yes, "derivatives" which are "not intended to fall under gaming laws" such as... *checks Kalshi website* 58 million dollars riding on which team is the 2027 NFL champion. Oh yeah, totally a financial derivative there, not related to gambling at all. *sigh*
ELI5 why it's better for you to place a $10,000 bet that, say, GOOG falls below $300 by February 2028, than to bet the same that the Pats win the Super Bowl? They're both gambling.
EDIT: see DannyBee's comment below ( https://news.ycombinator.com/item?id=49266746 ). It does look like the CFTC has extrapolated the "nationwide" out of either some novel interpretation of the filing or just entirely fabricated it as their justification for their action. I've got no love for Kalshi, but "orders Kalshi to continue operate in New York" doesn't seem to be present anywhere in the actual release. The art…
It seems that New York is asking the court for a temporary restraining order that would prohibit Kalshi from offering all event contracts nationwide. I also have zero love for Kalshi, but I can see why such a request would be concerning, regardless of whether I think Kalshi is a degenerate trash heap.
If New York has this jurisdiction(management of for profit incorporation's in New York) Kalshi would have to reorganize somewhere else to continue operations.
Can't New York go after payment processors and stop anyone from paying them money or people cashing out?
I assume interstate commerce laws?
does CTFC have mandate to enforce things nationally - yeah. Does NY have a mandate to stop thing nationwide NO.
however the murkiness with the whole thing is about corruption and having friends, sons of the president as your backers etc - proper procedures are no longer followed.
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Do you have a source for that? From the release: > In the lawsuit, filed on July 31, New York seeks a temporary restraining order prohibiting KalshiEX, LLC from offering all event contracts nationwide and more than $36 billion in damages.
Lawyer here: https://ag.ny.gov/sites/default/files/court-filings/new-york... This is the complaint. If you go to page 29 you'll see what they requested. The claim they are trying to prevent them from offering all event contracts nationwide is simply false. The closest anywhere is a claim to enjoin them from violating some federal criminal statutes that they would not be violating if they were not operating in new yor…