Arizona hits Kalshi with criminal charges, escalating fight between states and prediction markets

Arizona files 20 criminal charges against Kalshi for flouting state gambling laws

Arizona has filed the first criminal charges against a prediction market website in the United States.Kalshi is one of two major prediction market websites in the country (along with Polymarket), which allows users to make money off of almost anything. 'We just can't allow companies to come in here and override our laws.'Whether it's Taylor Swift getting married or the future price of Bitcoin, prediction markets turn real-life events into shares…

Arizona AG Files Criminal Charges Against Futures Trading Platform Kalshi

Arizona Attorney General Kris Mayes on March 17 filed charges against prediction market platform KalshiEX LLC and Kalshi Trading LLC for running an illegal and unlicensed gambling and election wagering business in the state. The 20-count indictment alleges that Kalshi took bets from Arizona residents on a wide range of events, including professional sports, prop bets on individual player performances, and other forms of wagering, and also took …

Devin Booker and Kalshi’s $1 Billion Bracket Challenge partnership tips off legal battle in Arizona

The criminal complaint could leave the future of the contest up in the air while the case unfolds.

Traders flocked to prediction markets—now a criminal case is testing the model

Kalshi made headlines last month over allowing people to place wagers on the Iran war. Now the prediction market platform is being sued by the state of Arizona, the first state to file criminal charges against the controversial company.  The platform, which allows users to place wagers on happenings, such as sports games or even current events, is being accused of operating an illegal gambling business that violates the state’s laws. In a 20-cou…

Arizona Attorney General Files Criminal Complaint Against Kalshi Over Election Wagering, Gambling Allegations

Arizona Attorney General Kris Mayes has filed a criminal complaint against prediction market platform Kalshi, alleging the company operated an illegal gambling business and accepted wagers on elections and sporting events in violation of state law.  According to a press release from the Arizona Attorney General’s Office, the complaint was filed Tuesday against KalshiEx, LLC and Kalshi Trading, LLC, the companies behind the Kalshi platform. The 2…

Arizona charges Kalshi over ‘illegal gambling’

What happenedArizona Attorney General Kris Mayes (D) on Tuesday filed criminal charges against Kalshi, accusing the online prediction marketplace of “running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law.” The 20-count indictment alleges that Kalshi illegally accepted bets on sporting outcomes, political events and election results, among other “unlicensed wagering.” Who said what“Arizona w…