COINDESK · 2026-10-29 05:03 UTC

Utah charges predictions platform Kalshi with illegal gambling

Utah filed 14 criminal charges against prediction market platform Kalshi and its two co-founders, including felony counts for unlawful activity and promoting online gambling. An undercover agent from Utah's Attorney General's Office placed 12 sports wagers on Kalshi's platform in September, which prosecutors used as evidence of illegal gambling promotion. Kalshi argues its platform offers federally regulated financial derivatives under CFTC oversight, not gambling, while multiple states including Arizona, Connecticut, Massachusetts, Michigan, and Nevada have taken similar legal action…

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