ME News reports that on August 4 (UTC+8), Kalshi CEO Tarek Mansour rebutted New York State’s lawsuit against the company in a CNBC interview on Monday, stating that the case is not merely about sports-related contracts but challenges the entire prediction market business model. Mansour said that if New York State’s legal logic were accepted, it “could be copy-pasted to sue Nasdaq.” He explained that Kalshi operates more like Nasdaq—facilitating trades between buyers and sellers and charging a transaction fee of approximately 1%—rather than acting as a bookmaker, as traditional sports betting companies like DraftKings do, directly betting against users. Last week, New York Attorney General Letitia James sued Kalshi, alleging that its event contracts constitute illegal gambling and demanding at least $36 billion in damages, with the final amount pending full calculation. Mansour also compared Kalshi’s regulatory and legal challenges to the early regulatory resistance faced by Uber and Airbnb, suggesting that prediction markets are part of the new platform economy and are prone to misunderstanding or overregulation under existing legal frameworks. (Source: ODAILY)
Kalshi CEO Compares Platform to Nasdaq, Uber, and Airbnb in Response to New York Gambling Lawsuit
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Summary
Kalshi CEO Tarek Mansour called the New York lawsuit a threat to prediction markets, comparing the platform to Nasdaq and emphasizing its 1% fee structure. He also drew parallels to Uber and Airbnb, suggesting regulators need to catch up. With liquidity and crypto markets evolving rapidly, the case could set a precedent. MiCA is pushing for clearer rules in the EU, but U.S. enforcement remains unclear. Mansour sees this as a test for the future of decentralized marketplaces.
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