Finally caught up on the Kalshi lawsuit and here’s what stuck out to me. The class action in SDNY claims Kalshi was running an illegal online sports-betting operation while marketing itself as a legal peer-to-peer platform. The complaint says users were told they were betting against other people, but were often actually wagering against Kalshi itself through its own market-making arm. It also alleges Kalshi targeted younger audiences, advertised “legal sports betting” nationwide, and used ads invoking public figures. One example in the filing shows an Instagram ad featuring a photo of Tom Brady with the caption “POV: You just found out that you can legally bet on NFL in all 50 states using Kalshi” … despite Brady having no affiliation. Their own ads end up becoming exhibits. WHAT YOU POST CAN AND WILL BE USED AGAINST YOU IN A COURT OF LAW. There’s so much to unpack with this complaint I’m failing to put it all in words.