Utah Hits Kalshi, Founders With Criminal Charges Over Sports Bets

Utah prosecutors have filed 13 felony and one misdemeanor charges against Kalshi and co-founders Tarek Mansour and Luana Lopes Lara. These charges follow an undercover state investigator placing twelve sports bets on the platform. This legal escalation occurs after the U.S. Court of Appeals for the 10th Circuit ruled that federal commodities law does not preempt Utah's authority to regulate event contracts as gambling, intensifying the battle over state rights to regulate prediction markets.