Kalshi

Since October 2025, several class-action lawsuits have been filed against Kalshi regarding the marketing and legality of its platform. The complaints allege that Kalshi misleadingly markets itself as a “prediction market” platform that is legal in every state when it is actually an unlicensed and illegal gambling platform. Some of the lawsuits also allege that the platform deceptively represents that bets are against other users when they are actually against Kalshi. More information on the lawsuits is below.

Case Name (Date)	Alleged False Ad Claims	Status
Jennings et al. v. Kalshi Inc. et al. 26-cv-71, M.D. Ala. (Jan. 2026)	“Prediction market” platform that is legal in every state	Pending
Josephson et al. v. Kalshi, Inc. et al. 26-cv-220, N.D. Ill. (Jan. 2026)	“Prediction market” platform that is legal in every state Bets are against other users	Pending
Hallman et al. v. KalshiEX LLC et al. 26-cv-317, S.D.N.Y. (Jan. 2026)	“Prediction market” platform that is legal in every state Bets are against other users	Pending
Pelayo et al. v. Kalshi Inc. et al. 25-cv-9913, S.D.N.Y. (Nov. 2025)	“Prediction market” platform that is legal in every state	Pending
Yee et al. v. KalshiEX LLC et al. 25-cv-8585, S.D.N.Y. (Oct. 2025)	“Prediction market” platform that is legal in every state	Pending