Utah sues Kalshi and Susquehanna over alleged illegal gambling
Utah Attorney General Derek Brown has sued Kalshi and market maker Susquehanna in Utah’s Third Judicial District Court, alleging illegal online gambling. The lawsuit estimates that Kalshi received between $30.6 million and $61.2 million in fees from its Utah operations and seeks to stop the service in the state. Kalshi disputes that its sporting event contracts constitute sports betting and says federal regulation applies.
The case could affect whether prediction-market operators can offer sports event contracts under state gambling laws.