Kalshi user who lost $308,000 on sports bets sues to get back $580,000
He now argues that contracts on the prediction market are illegal online gambling
The NBA is the third major US league to partner with both Kalshi and Polymarket
The NBA is betting that partnering with prediction markets is the way to keep betting clean
A federal court just ruled Kalshi's sports markets are basically sports betting
The decision could strengthen similar challenges across Western states
New York is suing prediction market Kalshi, calling it an illegal gambling operation
At least 13 other states have filed similar lawsuits against Kalshi and Polymarket
Kalshi calls itself a hedging platform now, but critics say it's still just sports betting in disguise
Push into Wall Street looks a lot like a strategy to dodge sports betting regulation