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Kalshi is now under review by the Illinois Gaming Board (IGB), which is looking into whether the company has been running unlicensed sports betting. According to the IGB, Kalshi may have violated the Illinois Sports Wagering Act by taking bets on sports without proper authorization.
The board has instructed Kalshi to stop all such activity at once. Officials also warned that continued operations could bring civil or criminal charges. Tarek Mansour, Kalshi’s CEO, and Eliezer Mishory, the company’s Chief Regulatory Officer and General Counsel, were included in official communications about the matter.
The investigation claims Kalshi accepted wagers on events ranging from individual player stats to full games. These bets were reportedly placed through mobile apps, websites, and other digital platforms. Under Illinois law, only operators with licenses from the IGB can run sports wagering businesses. The law clearly states, under 230 ILCS 45/25-20(a), that unlicensed activity is not allowed in the state.
Illinois is not the first state to take action. Regulators in Nevada, Ohio, and New Jersey, have already raised similar concerns about Kalshi and its related operations. In those cases, cease-and-desist orders were also issued.
In response, Kalshi has pushed back. The company has taken legal steps, including lawsuits against Nevada’s gaming regulators. Kalshi argues that its operations fall under federal oversight and not state gambling laws.