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Letitia James seeks court enforcement of Kalshi subpoena in advertising probe

Gizmodo reports the verified petition, filed in New York County Supreme Court, seeks to enforce a September 25 subpoena and says Kalshi has produced no documents to date. The filing says 100 percent of Kalshi combo bets have Kalshi Trading or an approved professional market maker on the other side, and cites an InGame analysis putting combo taker losses above 1 billion dollars since the feature launched in September 2025.

New York Attorney General Letitia James has petitioned a court to compel Kalshi to comply with a subpoena in an investigation into fraud and deceptive advertising, according to Gizmodo.

The verified petition was filed in New York County Supreme Court. It seeks enforcement of a September 25 subpoena and states that Kalshi has supplied no documents to date, according to Gizmodo’s reporting.

Filing scrutinizes combo bets

The filing says that 100 percent of Kalshi combo bets place customers opposite either Kalshi Trading or an approved professional market maker. That assertion identifies the counterparties involved in the product, rather than establishing a finding of wrongdoing.

The petition also cites an InGame analysis estimating that combo takers have lost more than 1 billion dollars since the feature’s September 2025 launch, according to Gizmodo. The loss estimate is attributed to that analysis; the provided account does not describe a court ruling on the petition or the underlying investigation.

What it means for prediction markets

  • Document production is the immediate issue: James is seeking enforcement of the September 25 subpoena. The petition is an investigative step, not a judgment that Kalshi committed fraud or engaged in deceptive advertising.
  • Counterparty structure is under scrutiny: The filing’s claim about 100 percent of combo bets puts Kalshi Trading and approved professional market makers at the center of this aspect of the investigation.
  • Loss figures require attribution: The estimate exceeding 1 billion dollars comes from an InGame analysis cited in the petition, not a stated court finding.
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