Kalshi vs Illinois Over Prediction Market Tax

Kalshi is suing Illinois to block a new state tax targeting prediction markets, arguing the activity is federally regulated—not gambling—and that the tax violates constitutional supremacy. The CFTC backs Kalshi, having already halted similar state efforts in multiple states. Illinois claims it’s protecting consumers, despite not budgeting for the tax revenue, while Kalshi and others like Polymarket and Robinhood face cease-and-desist letters over alleged illegal gambling—despite their claim of peer-to-peer trading without a central house. A trader reportedly made over $400K using insider info, prompting a governor’s order banning state employees from such trades. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/43552187a6db948f