Utah charges prediction platform Kalshi with illegal online gambling
Business
Utah has charged prediction platform Kalshi and its co-founders with illegal gambling after an undercover agent placed 12 sports bets on the site.
The charges include a felony count for an alleged pattern of unlawful activity and multiple counts for promoting online gambling, marking a big moment in Utah's push against online betting.
Kalshi cites CFTC, states dispute jurisdiction
Kalshi says it's following federal rules set by the Commodity Futures Trading Commission (CFTC), not state laws.
But Utah and states like Arizona and Michigan disagree, arguing their own gambling laws apply.
The CFTC has pushed back against Utah's claims, so this case is shaping up to be a major test of who actually gets to call the shots when it comes to prediction markets.