Key facts
- Utah criminally charged Kalshi and two executives with promoting illegal gambling.
- Charges include felony counts for unlawful activity and online gambling promotion.
- An undercover agent was allegedly allowed to place 12 sports bets on the platform.
- Utah's attorney general stated that calling it a 'prediction market' does not change its nature as gambling.
Utah's attorney general has filed criminal charges against prediction market platform Kalshi and two of its top executives, accusing them of illegally promoting online gambling. Attorney General Derek Brown stated that the platform allowed an undercover agent to place wagers on sports events, and that calling it a 'prediction market' does not change its illegal nature. The charges, filed in Salt Lake County, include counts for unlawful activity and online gambling promotion. This escalation follows a previous lawsuit by the state alleging Kalshi allowed residents to bet on sports, elections, and politics.