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Man sues betting platform Kalshi after losing $308K

Kalshi is facing a handful of lawsuits that relate to the legality of its operation in each state. ©Image Credit: Gemini AI / The Daily Spin

The question of who is to blame for a $308K loss on an online betting platform will now be before the courts as a Washington man files a lawsuit. In his more than half-million-dollar lawsuit, the man argues he should never have been allowed to gamble in the state.

A bet gone all wrong

The popular betting app Kalshi is now facing a lawsuit from Scott Bright, of Bellevue, WA. He lost more than $308,000 on the app but claims the platform accepting his business was "illegal in the first place and shouldn't have been allowed."

"The wagering Kalshi offered and accepted from Plaintiff in Washington constituted illegal gambling," the lawsuit reads.

Despite losing $308K on the prediction market platform, Bright is suing Kalshi for $580,000.

This isn't the first lawsuit against Kalshi

Adding another layer to the drama is that Kalshi has already been sued by the state of Washington in relation to its anti-gambling laws.

The state banned online gambling platforms in 2006, making it a class C felony to knowingly "transmit or receive gambling information by telephone, internet or other similar means."

Kalshi has responded by denying that betting on the outcome of sports games on its platform counts as "gambling." Kalshi has now filed a motion to dismiss the lawsuit entirely.

"The contracts which Plaintiff mischaracterizes as gambling are event contracts offered on the Platform subject to the CEA [Commodity Exchange Act], in conformance with the rules and regulations of the CFTC [Commodity Futures Trading Commission], the federal agency which has statutory authority to oversee the CEA,” the motion reads.

Kalshi is facing several lawsuits

Kalshi isn't just dealing with a single lawsuit, but several. More than a dozen states have now filed lawsuits and called it an "illegal gambling platform operating outside the jurisdiction of the states it offers its services in."

Perhaps the sharpest escalation came in Utah, where state prosecutors filed felony charges against Kalshi and its executives.

Proceed with caution

Bright's situation is a reminder to always proceed with caution when it comes to online sports betting platforms.

Source: WUSA9

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