Episode Details

A Utah federal judge just sided with the state, ruling that its anti-gambling laws can still apply to prediction markets like Kalshi—even though Kalshi claims federal oversight exempts them. The court said state gambling bans and federal regulation of derivatives can coexist, rejecting Kalshi’s argument that it’s federally protected. Governor Spencer Cox hailed the decision as a victory for families, while Kalshi plans to appeal, insisting prediction markets fall under federal jurisdiction. Utah’s Attorney General doubled down, calling such platforms disguised gambling and vowing to enforce the state’s constitutional ban on gambling regardless of labels. The national debate over whether prediction markets are truly gambling is heating up.

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