Utah criminally charges Kalshi over state agent’s sports wagers

Utah prosecutors filed criminal charges against Kalshi, alleging a state investigator continued placing sports wagers from Utah after federal courts declined to pause the state's gambling ban. The action comes days after the CFTC sued to stop Utah's case, deepening a federal-state conflict over prediction markets. Traders should watch for precedent on whether event contracts face state gambling enforcement, which could constrain Kalshi's US expansion.