Utah Files Felony Charges Against Kalshi, Co-Founders Over Sports Bets
Summary
Utah charged Kalshi and co-founders Tarek Mansour and Luana Lopes Lara with unlawful activity and promoting online gambling, alleging an undercover investigator placed 12 sports wagers from within the state. Utah says federal registration does not exempt the platform from its gambling ban; Kalshi called the charges political overreach and plans to fight them. The case is part of a broader dispute over whether states can regulate prediction markets. The CFTC has sued Utah to block its enforcement, while federal appeals courts have issued conflicting rulings. New Jersey and 39 other states have asked the Supreme Court to resolve the issue.
