Former New York Republican Congressman George Santos is under investigation for insider trading on Kalshi over his own attendance at the State of the Union address in 2026.
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New Mexico AG Raul Torrez files lawsuit against Kalshi
The Attorney General of New Mexico, Raúl Torrez, has filed a lawsuit against prediction market operator Kalshi, accusing the platform of offering illegal sports betting in the state.
Filed on June 4, the lawsuit claims that Kalshi has been offering state residents sports betting without holding a license, and contributing to the rise of problem gambling and addiction, as New Mexico’s problem gambling rate is four times higher compared to the national rate.
Attorney General Raul Torrez commented:
“The only lawful gaming in New Mexico operates either under tribal-state gaming compacts or under strict state regulations to ensure honest gaming free from corruption, and licenses gaming operators only after they explain how they plan to address compulsive gambling. Kalshi has ignored that framework entirely while offering online sports betting within the state. We are filing this lawsuit to protect the integrity of our laws, our regulatory system, and most importantly, consumers.”
Another point of the complaint is the fact that state law allows gambling from the age of 21, but Kalshi has been available to individuals between 18 and 20 to participate in sports event contracts.
The lawsuit states:
“Despite looking like a sportsbook, acting like a sportsbook, and proverbially quacking like a sportsbook, neither Kalshi nor any of its subsidiaries have sought licensure from New Mexico’s Gaming Control Board or otherwise abided by the State’s laws governing gambling and gaming within its borders.”
The lawsuit comes a month after four New Mexico tribes also filed a separate federal complaint against Kalshi, noting that the platform’s contracts are against the Indian Gaming Regulatory Act.
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