Arizona Attorney General Files 20-Count Criminal Case Alleging Kalshi Ran Illegal Gambling Operation

On Tuesday, Arizona Attorney General Kris Mayes filed a 20-count criminal case accusing prediction platform Kalshi of illegally taking bets on sports events and elections from state residents. The company maintains that its event contracts fall under federal jurisdiction via the Commodity Exchange Act and are overseen by the CFTC, while Arizona law bars unlicensed operators and forbids election wagering. Kalshi, which is also in disputes in Ohio and Tennessee and seeks a multi‑billion dollar valuation alongside Polymarket, plans to keep challenging adverse rulings as several states and federal authorities continue to clash over how prediction markets should be regulated.