Kalshi files federal lawsuit to block Illinois tax on prediction market transactions
By
Mitchell Armentrout
Summary
Kalshi, a major prediction market platform, has filed a federal lawsuit in Chicago seeking to block a new Illinois law that would impose transaction taxes (1.75% to 3.5%) on "exchange wagers" starting next month. The lawsuit argues that federal regulators under the Trump administration have sole authority over prediction markets, which state gambling regulators have labeled as illegal sports betting. The case highlights the growing tension between state and federal oversight of the rapidly expanding prediction market industry.
Source
bskyKalshi files federal lawsuit to block Illinois tax on prediction market transactionschicago.suntimes.comKey quotes
· 2 pulledKalshi's federal lawsuit, filed in Chicago, seeks an injunction against the transaction taxes ranging from 1.75% to 3.5% that state lawmakers voted to slap on every 'exchange wager' beginning next month
Federal regulators under the Trump administration have maintained they have the sole authority to oversee a booming industry that looks a lot like betting.
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