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Kalshi is being defended by a team of Milbank lawyers in court fights that could upend US predictions markets, including a new suit by New York Attorney General Letitia James claiming the company operates as an illegal gambling business. The New York suit poses the greatest potential threat to Kalshi because state law gives the AG wide powers, and could potentially bring the company to its knees, according to sports betting and gaming attorney Daniel Wallach. The cases, which have yielded mixed results, could eventually be headed to the US Supreme Court, testing a Milbank litigation practice boosted by the addition of lawyers such as Neal Katyal and Josh Sterling.

On this episode, Carol Massar and Tim Stenovec speak with:

• Robert DeNault, Head of Enforcement and Legal Counsel at Kalshi
• Larry Aschebrook, Founder & Managing Partner of G Squared and Bailey Lipschultz
• Wayne Ting, CEO at Lime
• Conn Davis, CEO of Byrna Technologies