Utah Attorney General Derek Brown filed a lawsuit against prediction market platform Kalshi and two Susquehanna-affiliated trading firms in the state's Third District Court. The suit alleges that Kalshi continued offering sports and event contracts to Utah residents even after a federal court confirmed the state's authority to enforce its gambling ban, with market makers sustaining the related trading activity.
The legal action seeks to block residents from accessing these contracts, compensate users for losses, recover ill-gotten gains, and have the court declare the platforms a public nuisance. Utah officials estimate that Kalshi collected between $30.6 million and $61.2 million in fees from accounts registered by more than 32,000 Utah residents.
Utah Sues Kalshi and Susquehanna-Affiliated Firms Over Sports Betting Contracts
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