Utah charges Kalshi and its CEO with illegally promoting online gambling
News Source
β’2026-10-29T13:40:23-04:00
π° What Happened
Utah has filed criminal charges against the prediction market Kalshi. The state filed 14 charges in total. Twelve accuse the company of illegally promoting online gambling.
The charges also name chief executive Tarek Mansour and chief operating officer Luana Lopes Lara. Utah has already sued Kalshi. New York, Nevada and several other states have done the same.
Kalshi called the charges a crazy overreach. It said it would stop them in court, just as it did in Arizona.
π The Backstory
Arizona became the first state to bring criminal charges in March. A federal judge later blocked that case.
The federal Commodity Futures Trading Commission is fighting the states. It argues it has exclusive jurisdiction over prediction markets.
Two appeals courts recently ruled against Kalshi and Polymarket. Another ruled the regulator does have exclusive authority in New Jersey. New Jersey has asked the Supreme Court to take the case.
π― Why It Matters
Prediction markets let people bet on elections, sport and news. Whether states can police them decides how far gambling rules reach.
Utah has filed criminal charges against the prediction market Kalshi. The state filed 14 charges in total. Twelve accuse the company of illegally promoting online gambling.
The charges also name chief executive Tarek Mansour and chief operating officer Luana Lopes Lara. Utah has already sued Kalshi. New York, Nevada and several other states have done the same.
Kalshi called the charges a crazy overreach. It said it would stop them in court, just as it did in Arizona.
Arizona became the first state to bring criminal charges in March. A federal judge later blocked that case.
The federal Commodity Futures Trading Commission is fighting the states. It argues it has exclusive jurisdiction over prediction markets.
Two appeals courts recently ruled against Kalshi and Polymarket. Another ruled the regulator does have exclusive authority in New Jersey. New Jersey has asked the Supreme Court to take the case.
Prediction markets let people bet on elections, sport and news. Whether states can police them decides how far gambling rules reach.