They do have the highest rate of Ponzi schemes, which is a problem and they have been putting in effort to fight that.
The factors that make Ponzi schemes easier in Utah would also likely make illegal online gambling more harmful than in other states so it makes sense for them to want to nip that in the bud.
- James’ office is requesting that Kalshi be ordered to forfeit all illegal gains, pay restitution to consumers who were harmed and pay fines equal to three times the company’s gains. In a court filing, state officials provided a rough estimate of the damages and costs sought by the lawsuit — $36 billion.
In a very practical sense, if wossname big name prediction market can't technically operate in US, I am not sure why Kalshi should get an exception.
Rich coming from Utah, the MLM/Ponzi fraud capital of the US.
Maybe they're just mad the company is based out of NY?
That comment makes no sense.
They do have the highest rate of Ponzi schemes, which is a problem and they have been putting in effort to fight that.
The factors that make Ponzi schemes easier in Utah would also likely make illegal online gambling more harmful than in other states so it makes sense for them to want to nip that in the bud.
Gambling and fraud are rather different types of problems.
At least they're taking a stand over it.
NY is also prosecuting Kalshi.
New York sues prediction market platform Kalshi alleging ‘illegal gambling operation’ - https://apnews.com/article/prediction-markets-kalshi-lawsuit... - July 31st, 2026
- James’ office is requesting that Kalshi be ordered to forfeit all illegal gains, pay restitution to consumers who were harmed and pay fines equal to three times the company’s gains. In a court filing, state officials provided a rough estimate of the damages and costs sought by the lawsuit — $36 billion.