Arkansas Attorney General Sues Kalshi, Saying Bets on Razorbacks Games Are Gambling
By Unchained
AI summary of the source article
Arkansas Attorney General Tim Griffin has sued KalshiEX LLC and Kalshi Inc., alleging the prediction market operates an unlicensed gambling business in the state. The lawsuit seeks restitution, penalties, taxes, and injunctive relief.
Key facts
- Arkansas Attorney General Tim Griffin sued Kalshi on Nov. 4 under the Arkansas Deceptive Trade Practices Act for allegedly running an unlicensed gambling operation.
- The lawsuit claims Kalshi never obtained a state gambling license or paid state gambling taxes while allowing users as young as 18 to wager.
- Kalshi is a designated contract market regulated by the CFTC, which has taken legal action against at least 10 states to defend its regulatory authority.
Source excerpt · Unchained
Tim Griffin's consumer protection suit argues that Kalshi's self-exclusion and deposit-limit features show it knows it is running a betting business. The post Arkansas Attorney General Sues Kalshi, Saying Bets on Razorbacks Games Are Gambling appeared first on Unchained .