Arkansas Attorney General Tim Griffin sues Kalshi for illegal betting
Arkansas is taking legal action against Kalshi, a prediction market platform, saying it's basically running illegal gambling in the state.
The lawsuit, filed by Attorney General Tim Griffin on November 4, claims Kalshi lets people bet on things like University of Arkansas sports results, something state law doesn't allow.
This move follows similar actions from Utah and Arizona, as more states question how these platforms operate.
CFTC and states clash over Kalshi
Kalshi says it's not about gambling: it calls its bets financial derivatives and points out that it's regulated by the Commodity Futures Trading Commission (CFTC).
But this has sparked a bigger debate: the CFTC insists it has federal authority over platforms like Kalshi, while states like Utah disagree.
Meanwhile, other states including Connecticut, Massachusetts, Michigan, and Nevada have also taken actions.