SerpApi.Org
A judge granted Washington state's request to prevent Kalshi (KALSHI) from offering its event contracts in the state because the prediction markets platform likely violated the state's gambling laws, according to a media report on Tuesday.
Judge John McHale of the King County Superior Court granted Washington's motion for a preliminary injunction on Monday, Reuters reported.
The judge said the state showed "a likelihood of actual and substantial injury to Washington consumers from illegal gambling activities" if no injunctions were issued. Furthermore, he ruled that the public interest and potential harm to consumers outweighed any harm to Kalshi (KALSHI), Reuters reported.
The order comes after Massachusetts, Michigan, and Nevada won court orders that restrict Kalshi's activities. Earlier this month, a federal judge rejected Kalshi's attempt to block enforcement of New York state's gambling laws against the platform.
Meanwhile, the U.S. Commodity Futures Trading Commission contends that it has exclusive jurisdiction over the industry. A week ago, the agency said it has filed lawsuits against Arizona, Connecticut, Illinois, Kentucky, Minnesota, New Mexico, New York, Rhode Island, and Wisconsin for attempting to bring enforcement actions against CFTC-regulated designated contract markets.
