Utah AG sues Kalshi, pursues profits from prediction market company

What happened: Utah Attorney General Derek Brown announced a lawsuit against Kalshi, its affiliates and two Susquehanna trading companies, alleging the platform facilitated illegal betting in the state since 2024. Key numbers: Utah seeks return of about $30 million to $60 million in profits; more than 32,000 users in the state. Why it matters: The suit is one of many state civil actions against prediction market platforms, and the US Supreme Court is considering a petition in New Jersey's case that could resolve whether state authorities or the CFTC have purview.

Utah Attorney General Derek Brown announced a lawsuit against Kalshi, its affiliates and two Susquehanna trading companies, alleging the platform facilitated illegal betting in the state since 2024.

The suit is one of many state civil actions against prediction market platforms, and the US Supreme Court is considering a petition in New Jersey's case that could resolve whether state authorities or the CFTC have purview.