Arkansas Attorney General Tim Griffin sued Kalshi, accusing the prediction market of operating an unregulated gambling platform in violation of the state’s consumer protection law. The state is seeking restitution, penalties, taxes and an injunction, and alleges that Kalshi allowed people as young as 18 to bet on sports and entertainment events. Kalshi, which is regulated by the Commodity Futures Trading Commission, argues that its event contracts fall under exclusive federal jurisdiction and are not subject to state gambling laws. Arkansas joins New York, Michigan, Kentucky, Utah, Minnesota, Illinois and other states involved in similar litigation, while the CFTC has sued at least ten states to defend its authority over prediction markets.
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