UTAH LIKENS KALSHI TO A ‘BACK-ALLEY GAMBLING DEN'

Summary from the TLDR Crypto newsletter

Utah's attorney general sued five Kalshi companies plus Susquehanna International Group and Susquehanna Government Products for running an illegal gambling business. The complaint says calling bets “event contracts” doesn't change what Kalshi offers. It also targets the firms on the other side of user bets, which sports attorney Daniel Wallach called the first state enforcement action against prediction-market market makers. Utah estimates Kalshi collected $30.6M to $61.2M in fees from Utah accounts through October 19. It wants sports, election, politics, culture, and “mentions” bets blocked, tighter location checks, and money returned plus damages.