Arizona Attorney General files criminal charges against prediction market Kalshi

Kris Mayes filed 20 criminal counts against the prediction market operator, escalating a multi-state legal clash over sports and election predictions markets. What to know : Arizona Attorney General Kris Mayes filed 20 criminal counts against prediction markets platform Kalshi on Tuesday, accusing it of operating an unlicensed gambling business and offering illegal election wagering in the state. The charges come just as the Commodity Futures Trading Commission moves toward a more supportive federal framework for prediction markets, asserting exclusive jurisdiction over event contracts and treating platforms like Kalshi as derivatives venues rather than gambling operators. The Arizona case intensifies Kalshi's broader legal battles with state regulators, after the company preemptively sued multiple states but faced certain legal setbacks.