DECRYPT · 2026-10-29 11:06 UTC

Utah Files Felony Charges Against Kalshi, Co-Founders Over Sports Bets

Utah filed felony charges against prediction market Kalshi and its co-founders for illegally promoting gambling, including pattern of unlawful activity and online gambling promotion counts. A Utah undercover agent placed 12 sports wagers on the platform in September and passed location verification, with Kalshi earning fees from the bets. The CFTC sued Utah on Tuesday to block enforcement actions against CFTC-registered exchanges, escalating a dispute over whether states or federal regulators control prediction markets.

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