Kalshi says its legal record stands at roughly even across all states

Kalshi disclosed on Thursday that its combined win-loss record across active state legal challenges is "currently close to 50-50," the first time the company has quantified its standing in the wave of enforcement actions running through federal and state courts.

The disclosure came as Connecticut formally sued the company in a second action, asking a court to enforce its earlier order halting Kalshi's sports event contracts in the state. Attorney General William Tong framed the suit as consumer protection: "Sports event contracts are no different than sports betting and are not magically shielded by federal law from Connecticut's commonsense consumer protection laws."

Kalshi's head of litigation, Jovy Dedaj, responded that Connecticut is targeting Kalshi while leaving other prediction market operators in the state alone, an argument the company has also used against Washington state. Selective enforcement has emerged as Kalshi's primary factual counter across multiple jurisdictions.

The company's record includes a Third Circuit stay against New Jersey, a halted Arizona criminal prosecution, but losses and ongoing proceedings in Nevada, Massachusetts, and now Connecticut. The CFTC has sued Connecticut and several other states on Kalshi's behalf, asserting federal preemption over state gambling regulators.