Utah Attorney General sues Kalshi, seeks to recover its profits

October 21: Utah Attorney General Derek Brown announced lawsuits against prediction market platform Kalshi, its affiliates, and two Susquehanna trading firms, alleging that these companies have been facilitating illegal activities in Utah since 2024.

Brown said at a press conference on Tuesday that Utah officials have filed a request with the court seeking the return of approximately $30 million to $60 million in profits that the companies obtained through allegedly illegal event contracts. The Utah Attorney General alleges that Kalshi illegally provided services to more than 32,000 users in the state, causing significant losses.

In September, an appellate court also rejected Kalshi's application for an injunction to prevent the platform from continuing operations during the appeal.