Utah Sues Kalshi and Susquehanna-Linked Market Makers Over Alleged Illegal Betting
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· body · New information from a source
Utah is seeking injunctions, restitution and profits from Kalshi and market-making firms linked to Susquehanna, according to The Defiant.The state alleges the defendants enabled betting on sports, politics and culture despite Kalshi's loss in federal court, The Block reports.- Utah has filed a lawsuit against prediction market platform Kalshi and firms linked to Susquehanna, alleging the companies have facilitated illegal betting, according to The Defiant and The Block.
- The state's complaint describes Kalshi as a "back-alley gambling den," according to The Block.
- Utah is seeking injunctions to halt the wagering, along with restitution and recovery of alleged gambling profits, according to The Defiant.
- The lawsuit names Susquehanna-affiliated market-making firms, which Utah alleges helped keep wagering active on Kalshi's platform even after Kalshi suffered a defeat in federal court, according to The Defiant.
- The Block reports that Utah is attempting to block Kalshi-hosted bets spanning sports, politics and cultural events.
- The case adds Utah to the list of states pursuing legal action against Kalshi's event-contract business, which has drawn scrutiny from regulators over whether its sports and political contracts amount to unlicensed gambling rather than permitted derivatives trading.
· summary · New information from a source
Utah filed suit against Kalshi and affiliated Susquehanna firms, seeking injunctions and restitution over alleged illegal wagering.- Utah has filed suit against Kalshi and Susquehanna-affiliated market makers, accusing them of running illegal gambling operations and seeking to halt the wagering.
· headline · New information from a source
Utah sues Kalshi and Susquehanna market makers to halt prediction market betting- Utah Sues Kalshi and Susquehanna-Linked Market Makers Over Alleged Illegal Betting
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Utah has filed a lawsuit against prediction market platform Kalshi and firms linked to Susquehanna, alleging the companies have facilitated illegal betting, according to The Defiant and The Block.
The state’s complaint describes Kalshi as a “back-alley gambling den,” according to The Block. Utah is seeking injunctions to halt the wagering, along with restitution and recovery of alleged gambling profits, according to The Defiant.
The lawsuit names Susquehanna-affiliated market-making firms, which Utah alleges helped keep wagering active on Kalshi’s platform even after Kalshi suffered a defeat in federal court, according to The Defiant. The Block reports that Utah is attempting to block Kalshi-hosted bets spanning sports, politics and cultural events.
The case adds Utah to the list of states pursuing legal action against Kalshi’s event-contract business, which has drawn scrutiny from regulators over whether its sports and political contracts amount to unlicensed gambling rather than permitted derivatives trading.
Sources: The Defiant, The Block
This article is for information only and is not financial advice.
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Story so far 2 updates
- flashUtah sues Kalshi and Susquehanna market makers to halt prediction market bettingfirst reported · 2 sourcesthedefiant.io · theblock.co
- storyUtah Sues Kalshi and Susquehanna-Linked Market Makers Over Alleged Illegal Bettingupdate · 2 sourcesthedefiant.io · theblock.co
