Utah charges Kalshi and its co-founders with felonies over sports bets
Utah has filed 13 felony charges against Kalshi, a prediction market platform, and its co-founders for promoting online gambling. The charges stem from an undercover operation where a Utah agent placed bets on Kalshi. This development escalates the ongoing dispute between Utah and Kalshi, with the US Commodity Futures Trading Commission claiming jurisdiction over the platform.
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- ✓ Utah charged Kalshi and its co-founders with 13 felony charges for promoting online gambling.
- ✓ The charges were filed after an undercover Utah agent placed bets on Kalshi.
- ✓ The US Commodity Futures Trading Commission claims jurisdiction over Kalshi.
- ✓ Other predictive markets have ceased trading in Utah following the charges against Kalshi.
What changed
Utah authorities have formally charged Kalshi and its co-founders with felony charges, marking an intensification of the state's legal action against the prediction market platform.
Live updates
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Utah charges Kalshi and co-founders with felonies over sports bets
Utah has filed 13 felony charges against Kalshi, a prediction market platform, and its co-founders for promoting online gambling. The charges stem from an undercover operation where a Utah agent placed bets on Kalshi. This development escalates the ongoing dispute between Utah and Kalshi, with the US Commodity Futures Trading Commission claiming jurisdiction over the platform.
Why it matters
The charges against Kalshi and its co-founders reflect Utah's strict stance against online gambling. The platform allows users to bet on various events, including sports and elections. The US Commodity Futures Trading Commission has sued Utah, arguing it has no jurisdiction over federally regulated prediction markets like Kalshi.
What is confirmed
- Utah charged Kalshi and its co-founders with 13 felony charges for promoting online gambling.
- The charges were filed after an undercover Utah agent placed bets on Kalshi.
- The US Commodity Futures Trading Commission claims jurisdiction over Kalshi.
- Other predictive markets have ceased trading in Utah following the charges against Kalshi.
Still unconfirmed
- The US Commodity Futures Trading Commission sued Utah over its jurisdiction claims.
What to watch next
- The outcome of the US Commodity Futures Trading Commission's lawsuit against Utah
- The response of Kalshi and its co-founders to the felony charges
- The impact on other prediction markets operating in Utah
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