Kalshi and Susquehanna-Linked Firms Accused of Illegal Betting in Utah Lawsuit

Utah has sued Kalshi, along with firms tied to Susquehanna, accusing the companies of operating illegal betting activity within the state. The lawsuit was reported by Cryptopolitan and crypto.news on October 21. State officials are seeking financial penalties of up to $61 million, one of the larger sums sought in the escalating dispute over prediction markets. Kalshi is a federally registered exchange that lists contracts tied to the outcomes of elections, sports, and economic events. The platform has grown rapidly over the past two years, drawing both retail traders and institutional players.