Arkansas sues prediction market Kalshi over alleged illegal gambling
The gist
Arkansas Attorney General Tim Griffin sued Kalshi, accusing the prediction market of illegal gambling.
It is one of a wave of state actions against the $11 billion platform.
How it unfolded
- 2019Kalshi Inc. is founded, headquartered in New York.
- Dec 2, 2025Kalshi reaches an $11 billion valuation in its Series E round.
- Nov 4, 2026Arkansas Attorney General Tim Griffin files a lawsuit against Kalshi in Independence County, accusing it of running an illegal gambling operation; a separate suit targets VGW in White County.
Key terms
- prediction market
- Open markets where people trade bets on the outcomes of future events, using financial incentives to forecast probabilities.
- Series E round
- A funding round in which a startup raises venture capital, typically its third major round of institutional financing.
Source: Wikipedia