Utah has passed the HB243 Gambling Amendment bill, aiming to classify 'event betting' as gambling, effectively banning platforms like Kalshi and Polymarket that offer sports-related predictions. Governor Spencer Cox has expressed his intention to sign the bill into law. This move escalates the ongoing regulatory dispute, as Kalshi has previously sued Utah, arguing that its event contracts are federally regulated derivatives under the Commodity Exchange Act. The conflict extends beyond Utah, with Kalshi also filing a lawsuit against Iowa this week. Meanwhile, Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), has reaffirmed the CFTC's regulatory authority over prediction markets, pledging to defend this jurisdiction in court.
Utah Moves to Ban Prediction Markets, Targets Kalshi and Polymarket
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