Utah files lawsuit to shut down Kalshi's betting operations

Utah is taking legal action against Kalshi, a popular prediction market platform that allows users to wager on real-world events.

Utah Attorney General Derek Brown filed a lawsuit Tuesday seeking to block Kalshi from operating in the state and recover profits allegedly earned through unlawful gambling.

According to the lawsuit, Utah estimates Kalshi collected up to $61.2 million in fees from accounts in the state.

The lawsuit raises questions about whether prediction markets should be regulated as financial exchanges or gambling operations.

What do you think? Should Utah allow platforms like Kalshi to operate?