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Massachusetts sues Kalshi alleging illegal sports gambling

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Massachusetts sues Kalshi alleging illegal sports gambling


The Kalshi logo arranged on a laptop in New York, US, on Monday, Feb. 10, 2025.

Gabby Jones | Bloomberg | Getty Images

Massachusetts filed a lawsuit in state court Friday against Kalshi, alleging the predictions platform offers sports gambling without a license under the guise of events contracts.

“If Kalsi wants to be in the sports gaming business in Massachusetts, they must obtain a license and follow our laws,” Massachusetts Attorney General Andrea Joy Campbell said in a news release.

The state is also asking the court to prevent Kalshi from offering sports events contracts in Massachusetts while the lawsuit is pending.

Events contracts are regulated as a predictions market by the Commodity Futures Trading Commission. Kalshi has repeatedly argued in federal court that the CFTC’s status as a federal agency supersedes state regulators.

In the brief filed with the Suffolk County Superior Court, Massachusetts argues Kalshi is making more money on sports wagers than legal, licensed sportsbooks.

“Sports event wagers comprised approximately 70% of Kalshi’s trading volume between February 25, 2025, and May 17, 2025, which increased to 75% from March 18, 2025 onwards—Kalshi’s first day offering single-game March Madness markets,” the lawsuit says. “Kalshi made more from sports wagers than licensed sports wagering platforms DraftKings or FanDuel over the course of the same February through May timeframe.”

A screenshot of the Kalshi platform included in a lawsuit by the state of Massachusetts against the predictions platform.

A Kalshi spokesperson told CNBC this week that $439 million worth of wagers had been placed on NFL contracts to date.

The company has been spearheading a national defense of sports prediction trades. This week, the company made oral arguments before the 3rd Circuit Court of Appeals in an appeal by the state of New Jersey, which was prevented from enforcing a cease and desist against Kalshi.



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Compensation scheme opens for victims of Post Office Capture IT scandal

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Compensation scheme opens for victims of Post Office Capture IT scandal



A scheme has been launched to compensate victims of the Post Office Capture IT scandal that saw former subpostmasters forced to repay shortfalls.

The Government said those affected can now apply for redress, with those found to be eligible set to receive £10,000 immediately and final awards potentially reaching up to £300,000 after full assessment by an independent panel, or more in certain cases.

The Capture system pre-dated the now infamous Horizon software, which has been responsible for around 1,000 wrongful convictions.

An independent report into faulty accounting system Capture was commissioned last year after subpostmasters said they had suffered similar problems to those faced by the Horizon victims.

The report by forensic accountants Kroll Associates, which concluded there was a reasonable likelihood that Capture – in use at Post Office branches between 1992 and 2000 – created financial shortfalls for postmasters.

In some cases, postmasters resorted to using their own savings to make up the difference.

The scheme will be not be open to postmasters who have criminal convictions related to Capture.

Those who were given criminal convictions must instead go through the Criminal Cases Review Commission, or its Scottish equivalent.

The Government has said it will “ensure that appropriate redress is given” to those where convictions are overturned by the courts.

The compensation scheme will be tested for the first 150 claimants before being rolled out more widely.

Post Office minister Blair McDougall said: “After over two decades of fighting for justice, postmasters and their families will finally receive recognition and recompense for the lives and livelihoods that Capture destroyed.

“I’d like to thank all of those victims who have helped us to design this scheme, allowing us to deliver on our promise of providing redress today.

“We can’t make up for everything they have lost, but today we begin restoring some of the dignity so cruelly taken away by this scandal.”

The Government said the scheme has been designed “hand in hand” with victims, while also taking lessons into account from redress schemes for the Horizon IT Scandal.

So far, more than £1.2 billion has been paid out in compensation to more than 9,000 victims of the Horizon scandal, it added.



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ITR Due Date Extended: Businesses Get Time Till December 10, 2025 To File Returns

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ITR Due Date Extended: Businesses Get Time Till December 10, 2025 To File Returns



New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due dates for filing audit reports and Income Tax Returns (ITR) for the Assessment Year 2025–26, giving major relief to businesses, professionals, and firms whose accounts require auditing.

Earlier, the deadline to submit tax audit reports was October 31, 2025, and the corresponding ITR filing deadline was also October 31, 2025. However, considering technical delays and representations from taxpayers and professionals, the CBDT has now extended both these dates.

As per the latest circular, taxpayers who are required to get their accounts audited under the Income Tax Act, 1961 can now file their audit reports by November 10, 2025, instead of October 31. Consequently, the due date for filing the ITR for such taxpayers has also been pushed to December 10, 2025.

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This extension applies to companies, Limited Liability Partnerships (LLPs), and other entities whose books of accounts need to be audited. It also benefits professionals and small businesses who were facing difficulties due to late availability of ITR forms and software utilities.

The government’s decision aims to provide adequate time for taxpayers and auditors to ensure accuracy and compliance while reducing last-minute rush and filing errors. The extension also reflects the government’s understanding of the challenges faced by the accounting community, especially with overlapping deadlines for GST audits and other financial filings.

Tax experts advise taxpayers to make the most of this extension by completing audits early and verifying data consistency between GST, TDS, and income tax returns to avoid discrepancies during assessment.

In summary, the new deadlines are:

Audit Report Filing: November 10, 2025

ITR Filing for Audited Taxpayers: December 10, 2025

Missing these dates could still attract penalties and interest, so taxpayers are urged to file well before the final deadline.

 

 



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Gold Rates Tumble: Investors Shocked, But Jewellery Buyers Have A Reason To Smile

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Gold Rates Tumble: Investors Shocked, But Jewellery Buyers Have A Reason To Smile


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