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Here is a link to a post about the State of New York's case: https://www.shb.com/intelligence/newsletters/securities-liti...

I am not sure about how the state regulation of betting will turn out (though I would have guessed that it is indeed pre-empted), but the nationwide injunction seems shaky given Trump v Casa: https://www.supremecourt.gov/opinions/24pdf/24a884_8n59.pdf

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I don't think Casa applies here. A nationwide injunction is not the same thing as a universal injunction. A universal injunction benefits non-parties to a case. But if an injunction, especially a TRO, requires nationwide effect to protect the interests of NY, who is a party, then that's fine. Also note that Kalshi is based in NYC, AFAIU; it's not a situation of a state court trying to control the out-of-state actions of a foreign company merely doing business in NY.

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