Kalshi, founders face 14 criminal charges following Utah gambling probe

Utah has filed 14 criminal charges against prediction market operator Kalshi and its co-founders, accusing them of promoting illegal online gambling after an undercover investigator placed 12 sports wagers on the platform. Utah filed 14 criminal charges against Kalshi and its co-founders over alleged illegal gambling. An undercover investigator placed 12 sports wagers totaling $114.87 and lost $25.10. The prosecution includes 13 felony counts and one misdemeanor involving alleged gambling promotion. Utah separately seeks up to $61.2 million in allegedly unlawful fees through its civil lawsuit. The CFTC has sued Utah, arguing that federal commodities law governs regulated prediction-market contracts.