Last mentioned: Mar 18, 2026
Arizona Indictment
Arizona files 20 criminal charges against Kalshi, labeling it an illegal gambling operation.
Criminal Filing
Arizona officially hits Kalshi with criminal charges, escalating the conflict.
State Scrutiny
Multiple state attorneys general issue warnings regarding the legality of event-based betting.
Market Surge
Prediction markets see record-breaking volume during the US election cycle.
Market Surge
Kalshi and other platforms see record-breaking volume during the U.S. general election.
Federal Court Victory
Kalshi wins a landmark ruling against the CFTC, allowing it to list election-related contracts.
Federal Court Victory
U.S. District Court rules Kalshi can list election contracts, overturning CFTC ban.
Arizona has initiated unprecedented criminal proceedings against Kalshi, marking a sharp escalation in the legal battle between state authorities and regulated prediction markets. The move challenges the federal oversight of the CFTC and could trigger a nationwide wave of state-level enforcement against event-based trading platforms.
Arizona has filed 20 criminal charges against prediction market Kalshi, labeling the platform an illegal gambling operation. This marks the first time a U.S. state has pursued criminal action against a federally regulated event contract exchange, signaling a major jurisdictional clash.
Arizona has filed 20 criminal charges against prediction market Kalshi, labeling the platform an illegal gambling operation. This landmark case marks the first time a US state has pursued criminal charges against a federally regulated prediction exchange, signaling a major shift in the regulatory landscape.