Utah says Kalshi took $61.2m in fees from 32,000 users
Utah’s attorney general wants Kalshi’s event contracts blocked & profits recovered.
The hit
Utah has filed a new civil lawsuit against Kalshi at the state’s Third District Court, seeking a court order to block the firm’s event contracts & recover alleged unlawful profits, according to GamblingNews. The complaint also names Kalshi’s affiliate & two Susquehanna trading firms as defendants.
Why it matters
This piles pressure on Kalshi beyond its ongoing federal fight with Utah, which it lost at first instance. A state win here could force Kalshi to geoblock Utah users. Kalshi says it is a federally regulated exchange & that “no single state should have a veto over it”.
The record
| Lawsuit filed | Tuesday, October 20 (attorney general Derek Brown) |
|---|---|
| Alleged unlawful fees | $30.6m to $61.2m from Utah accounts (Utah AG’s office) |
| Trading volume cited | $3bn across Utah accounts (Utah AG’s office) |
| Utah users trading | at least 32,000 (Utah AG’s office) |
| Prior federal ruling | August, summary judgment for Utah (US District Judge Robert Shelby) |
What happens next
Kalshi’s appeal sits with the Tenth Circuit Court of Appeals. A decision has not been reached. Utah’s AG has not said whether criminal proceedings will follow this civil filing.
Sources: Utah Calls on Courts to Block Kalshi from Running Event Contracts in State
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