Utah AG sues Kalshi, pursues profits from prediction market company
Derek Brown likened the prediction market company to a “public nuisance“ that was “causing a significant and substantial ongoing harm“ to state residents.
Update (Oct. 20, 9:53 pm UTC): This article has been updated to include a statement from Kalshi.
Utah Attorney General Derek Brown announced a lawsuit against Kalshi, its affiliates and two Susquehanna trading companies, alleging that the prediction markets platform had been facilitating illegal betting in the US state since 2024.
In a Tuesday press briefing, Brown said Utah officials had petitioned a court to compel the companies to return about $30 million to $60 million in profits they made through allegedly illegal event contracts. The Utah attorney general alleged that Kalshi illegally offered its services to more than 32,000 users in the state, resulting in significant losses.