ChainThink report, October 27: According to court filings, the New York State Gaming Board has filed a lawsuit with the New York County Supreme Court, New York State Supreme Court, seeking judicial enforcement of a subpoena issued against Kalshi on July 31 under Section 104(7) of the state's Horse Racing Law.

The subpoena pertains to sports event contracts, business operations targeting users under 21, advertising that characterizes products as wagers, and equity structure and corporate governance.

The Board stated this action aims to determine whether civil penalties and their amounts should be imposed on Kalshi and other entities; Kalshi has not publicly responded.

Previously, the New York State Attorney General and Governor had sued Kalshi on July 31, seeking damages of at least $36 billion.

Federal Judge Torres dismissed Kalshi’s motion for a preliminary injunction on July 7. Currently, the Third Circuit supports Kalshi, while the Ninth and Sixth Circuits support state regulators.