Utah charges Kalshi prediction market operator and executives

Summarised from 2 outlets · Updated 29 Oct, 01:20 · Archive

Utah has filed criminal charges against prediction market operator Kalshi and two of its executives, Tarek Mansour and Luana Lopes Lara. The charges include 13 counts of violating Utah's prohibition on gambling and another count involving profiting off illegal activity. The charges follow a federal judge's rejection of Kalshi's effort to prevent Utah from enforcing its anti-gambling laws against the activity.

Utah Attorney General Derek Brown said that Kalshi has continued to operate in Utah despite the court ruling. 'Gambling is illegal in Utah, whether you place the bet, run the game, or promote it. Calling it a "prediction market" doesn't change what it is, and being federally registered doesn't put a company above the law,' Brown said. The attorney general's office has not specified what criminal penalties it will seek, although the felony charges carry the possibility of jail time.

Kalshi called the charges a 'crazy overreach' and said that 'Utah is clearly playing politics.' The company said it looked forward to stopping the charges in court, as it had previously done in Arizona. Utah is one of roughly 20 states pursuing litigation over prediction market regulation, a battle analysts believe will eventually reach the U.S. Supreme Court.

How it is being reported

• Utah charges Kalshi and its founders, escalating a fight over who can regulate prediction marketsUtah is pursuing criminal charges against prediction market operator Kalshi and two executives, after a federal judge rejected Kalshi’s effort to prevent Utah from enforcing its anti-gambling laws against the activity.News4Jax · 29 Oct, 00:51
• Utah charges Kalshi and its founders, escalating a fight over who can regulate prediction marketsUtah is pursuing criminal charges against prediction market operator Kalshi and two executives, after a federal judge rejected Kalshi’s effort to prevent Utah from enforcing its anti-gambling laws against the activity.Clickorlando · 29 Oct, 00:51

In this story: Kalshi · Tarek Mansour · Luana Lopes Lara · Derek Brown · Utah · Arizona

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