Utah AG sues Kalshi, pursues profits from prediction market company
Summary
Utah Attorney General Derek Brown sued Kalshi, affiliates and two Susquehanna trading companies, alleging they illegally offered event contracts to more than 32,000 Utah users since 2024. The state is asking a court to halt the platform’s sports, election, politics, culture and mention markets and to recover an estimated $30 million to $60 million in profits. The case follows earlier court rulings against Kalshi in Utah and adds to civil actions by several states alleging prediction markets violate gambling laws. The US Supreme Court is also weighing whether to take up a New Jersey dispute that could clarify whether state authorities or the CFTC regulate these contracts.
