And Kalshi was having such a good week.
On Tuesday, Arizona Attorney General Kris Mayes filed criminal charges against KalshiEx LLC and Kalshi Trading LLC, the companies behind the Kalshi prediction market platform, for “operating an illegal gambling business in Arizona without a license,” and “for election wagering.” All told, the filing carries 20 charges.
“Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law,” Mayes said. “No company gets to decide for itself which laws to follow.”
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Mayes alleges Kalshi “accepted bets from Arizona residents on a wide range of events in violation of Arizona law,” like professional and college sports — including prop bets — and whether the SAVE Act would become law. SAVE, or the Safeguard
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