Federal judge lets Utah enforce its anti-gambling laws on the prediction market Kalshi
The ruling lets Utah keep targeting Kalshi’s proposition bets, which are a major source of revenue for prediction markets, the judge said.
- U.S. District Judge Robert Shelby ruled on Tuesday that Utah can enforce its anti-gambling laws against Kalshi, rejecting the platform's request to block state restrictions.
- Utah Gov. Spencer Cox and Utah Attorney General Derek Brown view prediction markets as gambling, which violates state law rooted in values held by the Church of Jesus Christ of Latter-day Saints.
- Kalshi argued that federal law governs its "event contracts," but Shelby wrote it is "implausible" that Congress intended to override state authority through financial legislation.
- The American Gaming Association applauded Utah for upholding its laws, stating "prediction markets' can't rebrand it and offer it outside the law," while Kalshi plans to appeal.
- Courts across the country remain divided, with judges in Maryland and Nevada ruling against Kalshi while New Jersey and Arizona courts have permitted its operations.
38 Articles
38 Articles
Associated Press News
Federal judge lets Utah enforce its anti-gambling laws on the prediction market Kalshi
Utah can enforce its strict anti-gambling laws on prediction markets such as Kalshi and Polymarket under a federal court ruling.
Utah Ruling Leaves Kalshi Exposed in 7 Federal Circuits After Judge Rejects Federal Shield
A Utah federal judge handed Kalshi a sharp loss Tuesday. U.S. District Judge Robert J. Shelby ruled that the Commodity… Read the original on Utah Ruling Leaves Kalshi Exposed in 7 Federal Circuits After Judge Rejects Federal Shield. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
Utah Judge Rejects Kalshi's Federal Shield From Gambling Laws
A federal judge granted Utah summary judgment Tuesday, holding that the Commodity Exchange Act does not preempt the state’s anti-gambling laws as applied to Kalshi’s sports event contracts. The exchange says it will appeal to the Tenth Circuit, which would bring prediction-market appeals into seven of the 13 federal circuits. Shelby Finds Multiple Readings of […]
Federal Judge Says Utah Can Apply Its Gambling Laws to Kalshi; Operator Will Appeal
States have won another key legal battle against prediction markets, with a Utah federal judge ruling against Kalshi and allowing the Beehive State to apply its gambling laws to the operator.The Utah District Court Judge Robert Shelby rejected Kalshi’s preemption argument, the idea that prediction market contracts are tradeable financial instruments, not a form of gambling.Kalshi had argued that it is only answerable to the Commodity Futures Tra…
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