Arkansas AG sues Kalshi over Razorbacks bets, calling them gambling

Arkansas Attorney General Tim Griffin filed a consumer protection lawsuit against Kalshi, arguing that its sports event contracts on Razorbacks games constitute illegal gambling. The suit points to Kalshi's self-exclusion and deposit-limit features as evidence the platform knows it is running a betting business. For traders, the action adds to a growing state-level legal front against prediction markets, raising regulatory risk for Kalshi and similar event-contract venues.