Kalshi Sues Louisiana, Alberta Reports iGaming Revenue

Kalshi has taken its legal fight with Louisiana officials to a new state. The company filed a preemptive lawsuit, arguing that the state is about to take enforcement action against it. The complaint states that officials have repeatedly held that event contracts such as Kalshi's are illegal under Louisiana gaming law.

The filing also claims that the state Gaming Control Board has declared some event contracts illegal even when they are listed on a CFTC-licensed exchange, and that there is no basis for arguing that such activity can be offered under a CFTC license.

Kalshi relies on federal preemption arguments as well as the CFTC's recent rulemaking work. This includes a proposal to explicitly classify sports event contracts as swaps. According to the company, another key issue is Louisiana's expanded gaming enforcement authority, which took effect on August 1. Under this law, the attorney general can seek injunctions against operations deemed illegal, including orders to take down websites and freeze associated bank and credit accounts.

On the Alberta side, the newly regulated iGaming market released its first performance data. According to the first market report from Alberta iGaming Corporation, gross gaming revenue before adjustments was approximately 122.1 million Canadian dollars, or 87.1 million US dollars, between the July 13 launch and September 30. Monthly revenue was 22.2 million Canadian dollars in July, 43.3 million in August and 56.6 million in September. Casino games accounted for 75.6 percent of September revenue, sports betting for 19.5 percent and live casino for 4.9 percent.