The lawsuit also names two Susquehanna trading firms as defendants, marking the first time a state attorney general has targeted prediction market market makers. Brown characterized online betting as a "public nuisance" and argued that such firms are engineered only to "empty your wallet" rather than provide investment opportunities or financial insight.
Tuesday, October 20, 2026
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Utah Sues Kalshi and Susquehanna in First Action Against Market Makers
Business8 hours ago
The prediction market platform Kalshi is being pursued by the state of Utah to recover fees ranging from $30.6 million to $61.2 million. Attorney General Derek Brown filed the civil enforcement action alleging a "brazen pattern of unlawful conduct" that resulted in $5.5 million in losses for state residents. Utah is seeking to block all in-state wagers on the platform and reclaim the fees Kalshi retained from Utah-based accounts.
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