Kalshi files lawsuit against Utah officials over threat to prediction markets

Kalshi has taken Utah’s top elected officials to federal court, accusing them of gearing up to block its prediction market business in the state.

In a lawsuit filed Monday (February 23) in the U.S. District Court in Utah, Kalshi says Gov. Spencer Cox and Attorney General Derek Brown are laying the groundwork to treat its event contracts as illegal gambling. The company is asking a judge to step in with declaratory and injunctive relief before any enforcement action begins, saying the...