Utah Sues Kalshi and Susquehanna Firms to Halt Alleged Illegal Betting

Utah has sued prediction-market platform Kalshi along with Susquehanna-affiliated market makers, seeking injunctions, restitution and disgorgement of profits. The state alleges the firms helped sustain illegal wagering despite Kalshi's earlier loss in federal court. The action escalates state-level legal pressure on prediction markets and their liquidity providers, a regulatory risk that could weigh on the sector and on firms exposed to event-contract trading.