Kalshi Sues Illinois Over New State Tax on Sports-Related Prediction Markets (opens original article in a new tab)

Kalshi sued Illinois over a new 15% tax on sports prediction market wagers, arguing the state lacks authority to tax such activities, which it claims are not gambling-related. The Trump CFTC has also challenged the tax, leading to ongoing legal battles over jurisdictional control of prediction markets.

• Kalshi sued Illinois over a 15% tax on sports-related prediction market wagers set to take effect on July 1.
• Illinois claims sports prediction markets are a form of regulated sports betting, while Kalshi argues they are not gambling-related revenue.
• The Trump CFTC has also sued Illinois to block the tax, citing jurisdictional disputes over prediction markets.