Federal judge blocks Kalshi’s injunction request in New York

A federal judge in New York has blocked Kalshi’s request for a preliminary injunction against the state, a setback for the prediction market. The decision prevents Kalshi from securing the court-ordered relief it sought to stop New York’s enforcement actions while the dispute is resolved.

The Empire State is arguing that Kalshi ought to be subjected to local gaming laws, and says the company’s event contracts ought to be suspended until that happens. With the injunction denied, New York’s position — that Kalshi must comply with state gaming rules and that its event contracts should be put on hold — remains in force for now.