Arizona said it filed criminal charges against Kalshi for operating an illegal gambling business, in a significant escalation in the legal battles between the prediction market exchange and about a dozen states.
While state regulators have taken steps to crack down on what they say is unlicensed betting on Kalshi’s site, Arizona appears to be the first state to escalate to criminal charges. The charges cited in the complaint are misdemeanors, which carry less serious penalties than felonies.
“Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.