Utah Charges Kalshi as Federal Showdown Looms

TLDR Utah filed 14 criminal charges against Kalshi and its two co-founders on October 28. The charges include 13 felony counts and one misdemeanor involving alleged illegal gambling. An undercover Utah investigator placed 12 sports trades totaling $114.87 on Kalshi. Utah Attorney General Derek Brown accused Kalshi of violating state gambling laws. Kalshi rejected the criminal charges and accused Utah officials of political overreach. Utah prosecutors have filed 14 criminal charges against prediction market operator Kalshi and two executives, accusing them of breaking the state’s ban on online gambling.